Vat Rates

banjacksed

Q 1, when supplying services whats the vat rate applicable?
Q 2, when supplying service with new goods what rate is applicable
Q 3, when just supplying goods whats the rate,

I see some business's that are supplying new products ie, blue ray dvd players and charging 13% vat is this right, as i thought it was 13% on service and 21% on new products, and 21% when supplying a product and service,

Im confused

paul71

banjacksed wrote: »

Q 1, when supplying services whats the vat rate applicable?
Q 2, when supplying service with new goods what rate is applicable
Q 3, when just supplying goods whats the rate,

I see some business's that are supplying new products ie, blue ray dvd players and charging 13% vat is this right, as i thought it was 13% on service and 21% on new products, and 21% when supplying a product and service,

Im confused

Not quite as simple as splitting it between goods and service as it depends on the individual good or service.

Professional fees are a service but attract a vatable rate of 21% (Accountants, Solicitors, Architects)

Only luxury goods attract 21% VAT, so Blue ray DVD players are definately charged at 21%, I would suggest that perhaps the 13% you saw in connection with these was a marketing ploy by a retail company but they are in fact paying the 21%.

For food the luxury items, which seems to be defined by sugar content are at 21%, cooked food served above ambiant room tempeture attracts the lower rate, cold food is 0%.

Insurance and health charges are exempt from VAT, which is different to being Zero rated.

The above is not a complete list, the Revenue have a VAT guideline which gives a complete list of the rates of VAT applicable to all goods and services, it runs to about 40 pages.

In short it is not posible to answer your questions unless you state what kinds of goods or service you are providing and/or % mix of the two.