Questions and Answers
Reclaiming VAT on a part exchanged vehicle
Can I reclaim VAT on a commercial vehicle purchased in part-exchange?
Yes, as long as you have a valid VAT invoice.
VAT is calculated on the full value of and part-exchange or barter transactions. VAT should have been calculated on the exchange as if the transaction was entirely for cash. This is for both purchases and sales and the VAT invoice should be issued accordingly.
Date published 5 Dec 2012
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Choose the right accounting firm for you
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