VAT registered farmer

zetor 4911

Hi all,
I am a vat registered farmer and I sold some cattle at the mart recently. Received the cheque from the mart and I noticed that I received a vat credit. I was of the opinion that if you are vat registered you should not receive this vat credit. Anyone have any views?

thetangler

Hi
You need to inform the mart if you are vat registered.

zetor 4911

I informed the mart and my vat number was actually on the mart docket which came with the cheque.

leg wax

just pay it back when you are doing your returns.

germanicus

Even if you are VAT registered you still get the Credit. I've had it out with the accountant a few times - he even rang the tax office you can keep it! we've been contracting and dairy farming for years and have never had any trouble keeping the vat credit on milk. its a mystery to me.

Red Sheds

You put the amount of the VAT credit down as your sales vat when making your vat return, in that way you pay it back to the revenue. When you buy livestock you can reclaim the vat credit as an input on your vat return

leg wax

germanicus wrote: »

Even if you are VAT registered you still get the Credit. I've had it out with the accountant a few times - he even rang the tax office you can keep it! we've been contracting and dairy farming for years and have never had any trouble keeping the vat credit on milk. its a mystery to me.

when i was in milk glanbia took the vat off the milk cheque. i believe your accountant is 100% wrong.