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I tell my clients not to bother. Yes you reclaim the VAT. You then get hammered twice: 1. You have to pay back VAT on a notional benefit in kind quarterly, and 2. The tax man gets a benefit in kind (along with 12.8% employers NI contribution). You won't win! Not sure what would happen when you sell. Only VAT is charged on commercial vehicles so would think no charge. |
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It wouldn't surprise me if you didn't have to pay the VAT when you sell the bike...I always had a sneaking suspicion that my accountant was working for HM Customs and Excise and not me ! :mad: |
Shouldn't do as it would come under the second hand goods scheme. You would only then pay VAT on the profit margin. |
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