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Paying VAT question?

amn88 · 2011-09-16 10:54:17

If you are Vat registered, And your are buying something for your business that is priced 1000 plus vat 21% for example. Do you pay the vat on that item and claim it back or just pay the 1000 because u are vat registered?

16-09-2011 10:54am

#1

amn88

Closed Accounts Posts: 36 ✭

Join Date: October 2010

Posts: 16

If you are Vat registered, And your are buying something for your business that is priced 1000 plus vat 21% for example. Do you pay the vat on that item and claim it back or just pay the 1000 because u are vat registered?

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#2 16-09-2011 11:46am

namenotavailablE

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You pay the supplier the full amount including VAT (€1210 in your example).

You then can claim back the VAT on your VAT return (assuming that the item you purchased is reclaimable for VAT purposes- for example, you can't get VAT back on petrol).

Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm

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