VAT Identification No. question ??

Areq

Could i get the VATIN , but not pay vat ? my turnover won't exceed 55k .
but i need to get VATIN because im buying goods form other eu state . and they have to have my VATIN to give me the bill /s . I will sell jewellery on very small scale as sole tr. what should i do ? will i have to pay tax ? i hope this post is in the right place .
please help .

AndyJB

Hi,
Maybe some other posters will have a better answer for you, but, as far as I'm aware when you're VAT registered you must charge your customers VAT.

No VAT number means: You pay VAT on your EU supplies. No need to charge your customers VAT, as long as your sales are below the VAT registration threshold. You won't be able to reclaim any VAT on other business bills.

Having a VAT number means: You pay no VAT on your EU supplies, but you will have to charge your customers VAT. You can reclaim any VAT on other business bills.

You'll need to sit down and work out the maths.

Areq wrote: »

will i have to pay tax ?

You will only pay tax on money left over after you pay business expenses.

Keep in mind if you are paying tax at the end of the year it's likely you're making money in the first place!

Hope this helps.

DoMyBooks

Andy is correct. If you register for VAT you must charge VAT on sales.