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Paying reduced vate rate but claiming standard rate?
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12-01-2011 7:27pm#1Hey, just a quick questions. I did a search and didn't show up anything.
If I am paying the VAT man 13.5% of my sales for photographic prints, when I purchase equipment and fuel, does that mean I can only claim 13.5% of the VAT back on them and pay the balance of 21%, or can I claim the full amount 21% paid?
The point being is that to set up a business, I have a lot of equipment to buy and there will be a lot of VAT to paid. And I am wondering if I will not be able to claim it all back if I am only paying the reduced rate my self.
Make sense?... cheers
Richie0
Comments
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ditpaintball wrote: »Hey, just a quick questions. I did a search and didn't show up anything.
If I am paying the VAT man 13.5% of my sales for photographic prints, when I purchase equipment and fuel, does that mean I can only claim 13.5% of the VAT back on them and pay the balance of 21%, or can I claim the full amount 21% paid?
The point being is that to set up a business, I have a lot of equipment to buy and there will be a lot of VAT to paid. And I am wondering if I will not be able to claim it all back if I am only paying the reduced rate my self.
Make sense?... cheers
Richie
As a VAT registered person, you can claim back the full amount of VAT on any allowable inputs, no fancy fiddling around with the rates required.0 -
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