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• # 89872
• Thu 04 Apr 2013 09:14 AM

Please can someone clarify an issue I have with the VAT on a company that uses the margin scheme for vehicles, although that is not the issue.  Basically I am confused when a vehicle is sold and a part exchange is taken as part payment theoretically 1. Do we include the full price of the sale excluding VAT in box 6 and in box 7 for purchases would we include the price of the part exchange or not?

Edited at 04 Apr 2013 09:15 AM GMT

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• # 89938
• Sat 06 Apr 2013 03:28 PM

Box 6 must include the full selling price of all eligible vehicles sold in the period, less any VAT due on the margin

Box 7 includes the full purchase price of eligible vehicles bought in the period 


See the notes on this link at 5.4 onwards........

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageImport_ShowContent&id=HMCE_PROD1_030002&propertyType=document#P215_13819


Hope that helps

Carol  
 

• Carol Saunders
  Lady of Ledger Book Keeping
  Telford, Shropshire

  
  

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