Rob B
Member
Registered: 8th Jan 04
Location: Area Motorsport Drives: Race EP3
User status: Offline
|
Hi guys,
Just a quick one, can anyone explain to me when you buy an item wholesale through a trade account to resell.
If the price is 100 ex VAT do i still have to pay 120 and claim 20 back at the end of the year from that item?
Or if i'm VAT registered do i give them my VAT number and i just pay 100?
Cheers Rob
|
Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
|
pretty sure you still pay the normal amount and its the end of the year that you work out whether you need to pay any more tax or get some back
|
chr15barn3s
Member
Registered: 5th Oct 03
Location: Farnborough
User status: Offline
|
Buy it for full amount then if your Vat registered on the normal scheme and not flat rate or anything like that then you have to submit a VAT return every 3 months and pay them what VAT you owe from sales or claim VAT back if you have purchased a higher amount.
|
Dave
Member
Registered: 26th Feb 01
Location: Lancs
User status: Offline
|
You pay the full amount to the seller then claim the VAT back off the tax man.
|
Sam
Moderator Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
|
You can't claim back VAT if you are not VAT registered.
If you are VAT registered, you pay the full amount including VAT and then you can claim back the VAT in your QUARTERLY VAT return.
|