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VAT Question

  • 20-12-2007 11:46am
    Registered Users Posts: 5 ✭✭✭ paulfluke


    Need help. this is my first post ere so hello everyone!

    My problem relates to vat. I own a retail business in southern ireland and buy goods from northern Ireland. The goods are priced VAT free when i buy them.I then apply my mark up. When i sell them will i have to 21% of the retail price to the revenue at the end of tax year?

    I'm confused!!!


  • Closed Accounts Posts: 459 ✭✭ Bren1609

    what are you selling?

  • Registered Users Posts: 5 ✭✭✭ paulfluke

    Cars parts and accessories,

  • Closed Accounts Posts: 5,952 smcgiff

    paulfluke wrote: »
    Cars parts and accessories,

    Then yes, your customers will have to pay you VAT and you'll pass it over to the Revenue. You are only the middle man. If your customers are businesses they'll do the same. If your customers are end users they bare the burden of the 21%.

    As you've received the goods from NI VAT free I'm assuming you're set up with a VAT registration number from the Revenue.

  • Registered Users Posts: 640 CraggyIslander

    Yep, you buy the goods tax free as they're imports from an eu country. Then add your margin and finally add 21% VAT to get your retail sale price.

  • Registered Users Posts: 5 ✭✭✭ paulfluke

    thanks, gotta change my supplier so . when i add the vat and mark up to the Vat free items from N.I the prices are not competitive compared to an Irish supplier with vat included.

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