Private plates & VAT

[rswift]

Anyone help with this ?

I am buying an old classic car, that just happens to have a reasonably valuable private plate....around £2000. The plate is of no interest to me, so figured selling it pays for half of the car.

I am self employed and VAT registered, sole trader...no ltd company.

When I sell the plate do I have to charge VAT, and include it as income in my usual accounts ?

Thank you to any accountant/piston heads out there.

[Red Devil]

rswift said:

Anyone help with this ?

I am buying an old classic car, that just happens to have a reasonably valuable private plate....around £2000. The plate is of no interest to me, so figured selling it pays for half of the car.

I am self employed and VAT registered, sole trader...no ltd company.

When I sell the plate do I have to charge VAT, and include it as income in my usual accounts ?

Thank you to any accountant/piston heads out there.

This may help.
http://customs.hmrc.gov.uk/channelsPortalWebApp/ch...
Section 3.8

If you keep the car totally separate from your business - i.e. you don't claim any capital writing down allowance or running costs (for the entire time you own the vehicle) then a VAT liability should not arise.