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Tax
6 questions answered in this section.
What taxes do I pay when buying a VTC licence?
It depends on who is selling and how the transaction is structured. The general overview: The seller is a business owner or practising professional (which is usually the case if…
Read →What taxes do I have to pay when I sell my licence?
The tax liability on the sale depends on how you hold the asset: Individual. The difference between the cost of the licence (plus any investments and minus any depreciation, as…
Read →How is the income taxed if I lease out my licence?
The leasing of a private hire vehicle licence involves the transfer of a right in return for consideration, and this has two tax implications: VAT. Leasing the licence constitutes…
Read →Is VAT or vehicle registration tax payable on the purchase of a VTC licence?
The rule of thumb can be summed up in a single line: if you’re buying from a business owner or a practising professional, VAT applies; if you’re buying from a private individual,…
Read →Can I write off the VTC licence in my accounts?
Yes. A purchased VTC licence is an intangible fixed asset — an operating right with a documented acquisition cost — and as such it is amortised. It is one of the tax levers most…
Read →How is the sale taxed if the licence is held by a limited liability company (S.L.)?
When holding a licence through a company, there are two ways to sell it, and they are taxed differently. Choosing the structure before negotiating — not afterwards — is one of the…
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