Crown
Board: Ferrari
Language: English
Region: Worldwide
Close
CloseForum - Thread
Re: Speccing my 458 tomorrow - opinions sought...
crayphile:
ISUK:
The dealer can simply invoice the car in December and thus charge VAT at the 17.5% rate. VAT isn't applied at the date of registration, it's at the date of sale.
ISUK - spot on as usual - and that is exactly what I am doing.
Are you absolutely sure that is the case? It totally contradicts the information I and others have been given, by several OPC's, which is that payment and registration must be concurrent...
--
"Things turn out best for people who make the best of the way things turn out."
Re: Speccing my 458 tomorrow - opinions sought...
John,
My local OPC were willing to invoice me in December at 17.5% VAT for a February build Cayman S so you are being given poor info. I passed on the Cayman though.
As the buyer of a new car you don't legally have to register it until you want to or are ready to do so. That's why cars that go straight into collections are often unregistered and may appear many years later on the used market as "never being registered". Registration is merely there to make the car road legal but is not required by law in terms of the sale of the car. Your OPC are either trying to ensure they meet their target "registrations" within a calendar quarter or are just ignorant of the law. Either way they are not giving you the correct info 
Re: Speccing my 458 tomorrow - opinions sought...
ISUK:
John,
My local OPC were willing to invoice me in December at 17.5% VAT for a February build Cayman S so you are being given poor info. I passed on the Cayman though.
As the buyer of a new car you don't legally have to register it until you want to or are ready to do so. That's why cars that go straight into collections are often unregistered and may appear many years later on the used market as "never being registered". Registration is merely there to make the car road legal but is not required by law in terms of the sale of the car. Your OPC are either trying to ensure they meet their target "registrations" within a calendar quarter or are just ignorant of the law. Either way they are not giving you the correct info
Agreed. I am surprised they don't want to improve their Q4 figures. Perhaps they have met their target , and so want to push it in to 2011
Re: Speccing my 458 tomorrow - opinions sought...
I did some research on the VAT issue and it seems you are right...to an extent.
"Whatcar" says the following...
You can avoid paying the 20% on cars delivered in 2011, but you might have to come up with a big enough deposit to cover the VAT – which the dealer will have to invoice for and pay straight away – to get them on your side.
It won't cost them a single penny extra to do this, so there's no reason they shouldn't want to help you out. The only person who would be slightly out of pocket would be the bloke on the VAT desk at Her Majesty's Revenue and Customs. Don't all weep at once.
The car you order must cost less than £100,000 and be delivered according to the manufacturer's usual schedules, within six months of order. That means you can't ask for a delivery to be delayed for any reason, to take advantage of the new registration plate in March, for instance.
You cannot use the following techniques if you are buying on finance.
You pay 17.5% VAT on cars costing less than £100,000 if:
• You order a new car, a dealer raises a full VAT invoice before the increase in the rate and pays the tax due at their next VAT return. You do not have to pay the full balance in this case.
• You pay for a car in full before the end of the year but, in the normal course of delivery schedules, it is registered in 2011, but no more than six months from order.
• You have ordered, paid for and registered a car before the end of 2010.
You pay the increased rate of 20% VAT:
• If you order a car after January 4, 2011.
• If you order a car now, but a VAT invoice isn't raised by the dealer before January 4 and the tax due isn't paid by the dealer at their next return.
• If you order a car now, a VAT invoice is raised and paid, but you ask for delivery to be purposefully delayed, perhaps in a bid to get the new registration plates in March or September.
• If the car you order is delivered more than six months from order
• If the car you order is worth more than £100,000.
I'm definitely contacting my OPC tomorrow re my GTS order..
However, if ''Whatcar'' are correct, Crayphile may still have a problem with a car valued at over £100,000..?
--
"Things turn out best for people who make the best of the way things turn out."
Dec 9, 2010 8:11:28 PM
- davew (cincy)
- Veteran
-
- Loc: Cincinnati, OH , United States
- Posts: 1164, Gallery
- Registered on: May 10, 2004
- Reply to: John H
Re: Speccing my 458 tomorrow - opinions sought...
ISUK:
John,
My local OPC were willing to invoice me in December at 17.5% VAT for a February build Cayman S so you are being given poor info. I passed on the Cayman though.
As the buyer of a new car you don't legally have to register it until you want to or are ready to do so. That's why cars that go straight into collections are often unregistered and may appear many years later on the used market as "never being registered". Registration is merely there to make the car road legal but is not required by law in terms of the sale of the car. Your OPC are either trying to ensure they meet their target "registrations" within a calendar quarter or are just ignorant of the law. Either way they are not giving you the correct info
Invoice for sale and registeration of the car are 2 different things. It is same in here; you can have invoice before the registration. But by the time you invoice the car, the seller should have imported the car and must have the car in his accounting. You can't sell something that you haven't had in your stock.
So I'm suspicious about invoicing a car that has not been produced yet 
--
ONUR 
11 M3 Coupe AW 
09 Audi TTS Coupe - 07 997 Carrera S - 05 M3 Coupe - 03 M3 Coupe - 96 M3 Coupe EVO (PASS TIME HISTORY)
Re: Speccing my 458 tomorrow - opinions sought...
pride355:
Invoice for sale and registeration of the car are 2 different things. It is same in here; you can have invoice before the registration. But by the time you invoice the car, the seller should have imported the car and must have the car in his accounting. You can't sell something that you haven't had in your stock.
So I'm suspicious about invoicing a car that has not been produced yet
There isn't a legal issue with paying for a car yet to be built as you have entered into a contract with the dealer as a representative of the manufacturer. The main thing to consider is the financial strength of the dealer you are purchasing from and ensuring that they have paid the manufacturer for the car so that you are not left as an unsecured creditor should the dealer go into receivership. I would not suggest it's a routine course of action under normal cicumstances but where you have an existing relationship with a trusted dealer it is a viable method to avoid a not insignificant tax liability.
Dec 11, 2010 1:49:38 AM
- Atzporsche
- Rennteam VIP
-
- Loc: Vancouver , Canada
- Posts: 9118, Gallery
- Registered on: Feb 7, 2005
- Reply to: Ferdie
Dec 11, 2010 1:56:49 AM
-
John H
- Rennteam VIP
-
- Loc: Cheshire, UK , United Kingdom
- Posts: 7682, Gallery
- Registered on: Oct 20, 2005
- Reply to: Atzporsche
Re: Speccing my 458 tomorrow - opinions sought...
crayphile:
Ferdie:
Very, very nice. Looking forward to more pictures... I suppose the rims are painted as the body panels
RMSV - Dark grey metaliic 780 painted forged rim - so not exact match to body colour but close enough.
In that case, stick to the mobile phone pics and we won´t notice... 
Forum
About Rennteam | Help | Terms of use | Privacy Policy | Support | Contact | Imprint | Archive
Powered by
Community
and
