I act for two separate clients who both have an interest in classic or vintage tractors. This is a personal interest going back to their childhoods and they will take these vehicles to vintage vehicle meetings fetes and the like. Both of these clients trade in the building and ground working sector. If they were to use these tractors for their businesses for example towing mobile water tanks and moving wheeled equipment would they be able to claim input VAT and capital allowances?
One of the clients trades through a limited company while the other operates as a sole trader. Are there any specific issues that I should be aware of in either scenario?
I look forward to readers’ comments.
Query 19 640 – Ferguson.
VAT can be recovered if there will be business use of the asset.
There are three issues to consider: capital allowances (as...
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