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Sir if a trader buys a certain good for private purpose, but then goes on to sell it as a part of business, then does he have to charge an output VAT? and consequently pay it to HMRC?
Please focus on what you need to know and stop the “but what if” questions that have nothing to do with the exam.
Where a trader initially purchases goods for private purposes, no input VAT can be reclaimed and there is no output VAT charge. The goods then belong to the individual not the trade.
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