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VAT On Used Goods

  • 15-04-2011 12:09pm
    #1
    birdflan
    Closed Accounts Posts: 4 ✭


    I need help... I sell New & sometime sell used furniture and at present I pay 21% on the new furniture and I use the margin system on the used furniture(21% on the profit), which I feel is a total joke as the furniture has already been sold with Vat when it was a new item. Say for example, an item has been resold over 6 times, then it would have payed more VAT than it's value in the first place. This I feel does not encourage recycling, in this day age of a greener environment.

    Anyway I see in the Value-Added Tax Consolidation Act 2010, that this may have changed. I have had a quick look through but can't make head nor tail of it, can somebody please help.


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Oh dear.

    I don't think you understand how VAT works.

    If you are a trader and VAT registered then you take an input credit for the VAT charged. I.e the transaction is VAT neutral.

    Read the VAT guide in the stickies.


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