VAT return on Lidl/Aldi products?

[mike os]

I think there are special rules for motor vehicles



I think VAT has to be accounted for on the selling price, irrespective of the VAT status on purchase.

Used stuff sold at auction on behalf of a VAT registered vendor attracts VAT on the hammer price.

special rule for motor vehicle is you always pay the vat somewhere... if you buy new as consumer, you pay vat at time of purchase. If you buy as vat reg. business, you claim vat back and have to account for vat on disposal, even if sold to a private individual or give it away... in which case the vatable value is taken as market value. Second hand private vehicles do not have vat because it was paid on the original purchase, second hand commercials have vat because it was (usually) claimed back at purchase.... getting the vat back is about the only "bonus" to being an unpaid tax collector.


basically unless an item is VAT exempt "as new"... see vat list...you charge vat on sales unless for export.... but you still account for it, and if you pay vat you can claim it back.

If a vat reg company owns items, on sale they will always collect vat... with the exceptions given in the vat handbook.... even when liquidated, the vat must be accounted for.

 

[Shox Dr]

If a vat reg company owns items, {snip} even when liquidated, the vat must be accounted for.

unless the total assets are less than £6500 or there abouts

 

[mike os]

unless the total assets are less than £6500 or there abouts

only if liquidating the company, not the asset