selling old equipments

[syedaabidi]

hello,

I want to sell my shop equipments which is recoded in fixed assest (tools) and I am selling it in loss. Do I have to pay VAT ?. I bought it as second hand item and at the time of purchase i didn't pay any VAT.

and what will be the entry?

Thanks

[AccountantfromHell_singland]

Hi, when you buy stuff to use in your business (fixed assets) and you buy it from a person without VAT, then you don´t need to charge VAT when you sell it. 

The VMB-rules (Vinstmarginalbeskattning) that you maybe wonder about is something you use only when you buy goods for sale. 

So no VAT when you sell your tools, and it doesn´t matter if you bought expensive things or if they were cheap and the was recoded as costs. 

VMB only regards goods for sale... Good luck and happy easter!!

[syedaabidi]

Thanks for your clear answer and swift reply.