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Brand new import - VAT calculations

  • 25-05-2009 3:06pm
    #1
    Biro
    Closed Accounts Posts: 4,091 ✭✭✭


    Just a quick one... anyone know exactly how to calculate the cost of a UK car before VAT? Is the UK 15% VAT rate for cars also or is there a different VAT rate for cars?
    Basically I'm looking to calculate the cost of a few cars in the UK after subtracting the UK VAT, adding the Irish VAT then adding the VRT.


Comments

  • #2
    -Chris-
    Closed Accounts Posts: 12,035 ✭✭✭✭-Chris-


    UK Vat is same for everything, no separate rate for cars.


  • #3
    Mr. Presentable
    Closed Accounts Posts: 9,496 ✭✭✭Mr. Presentable


    VAT in the UK is 15% as stated. I am open to correction on this, but isn't VRT added first, then the total subject to VAT?


  • #4
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,712 ✭✭✭✭R.O.R


    nipplenuts wrote: »
    VAT in the UK is 15% as stated. I am open to correction on this, but isn't VRT added first, then the total subject to VAT?

    I'm pretty sure there is no VAT on VRT. If there is, it f**ks up all the calculations I did this morning :rolleyes:


  • #5
    [Deleted User]
    Posts: 24,714 ✭✭✭✭ [Deleted User]


    R.O.R wrote: »
    I'm pretty sure there is no VAT on VRT. If there is, it f**ks up all the calculations I did this morning :rolleyes:

    There is either VAT on VRT or VRT on VAT(not sure which is added first) either way there is tax on tax when buying or importing a new car.


  • #6
    mickdw
    Registered Users, Registered Users 2 Posts: 23,686 ✭✭✭✭mickdw


    I guess the pre vat price of a uk car is 100/115 x overall price.

    Then add irish VAT to this price and then VRT based on OMSP.


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  • #7
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,712 ✭✭✭✭R.O.R


    Penny Petite Keyhole wrote: »
    There is either VAT on VRT or VRT on VAT(not sure which is added first) either way there is tax on tax when buying or importing a new car.

    As VRT is part of the OMSP of the car (which also includes VAT) then technically there is VRT on VAT in a new car sale.


  • #8
    Padraig Mor
    Registered Users, Registered Users 2 Posts: 9,610 ✭✭✭Padraig Mor


    Biro wrote: »
    Just a quick one... anyone know exactly how to calculate the cost of a UK car before VAT? Is the UK 15% VAT rate for cars also or is there a different VAT rate for cars?
    Basically I'm looking to calculate the cost of a few cars in the UK after subtracting the UK VAT, adding the Irish VAT then adding the VRT.

    Use this Excel sheet.


  • #9
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,712 ✭✭✭✭R.O.R


    PHEW!!!

    Tallies with the figures I did this morning. Some manufacturers use 10% discount when working out their OMSP, but it's not going to be far off at all for a rough conversion.


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