Hi guys. I own a Volkswagen Touareg 2016 (N1 Cat). It was a company vehicle (my company). I'm now retired and want to change to private use only. I am concerned about whether I would have to pay VAT on the original value, what's involved, or how to do the same. Thank you.
Filed under commercial vehicle classification private use - Asked by - Sat, 17 Feb, 2024
Answered by: Dave Humphreys - Complete Van Advisor -
@lordhumphreys
It is possible to change the classification to private, and it would mean an increase in the annual amount or motor tax due. You can do this with a Change of Particulars (RF111) form, which is available online and from your local motor tax office.
If the vehicle is not changing ownership, then it should not have any further VAT due, but we advise you to check with your accountant for clarification if the company is being wound up. You must also check with your insurance provider that it will be covered for private use.
