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Vat And Importing From The UK

  • 22-01-2012 3:40pm
    #1
    !BigBadBarry
    Registered Users, Registered Users 2 Posts: 41 ✭


    Say if I was to import clothes from the UK to sell in Ireland I have to pay UK Vat @ 20%. Do I also have to pay Irish Vat @ 23% ? And if so do I get the Irish Vat back and when ? And can I claim back the UK Vat ?

    Doesn't make sense to me having to pay Vat in two countries.


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    You give them your VAT number and the UK supplier invoices you net of UK VAT.

    You work out how much Irish VAT would have been chargable on the UK supplies and you add this figure to your VAT on Sales and provided you are entitled to a vat deduction you also add it to the VAT on your purchases. ie no net VAT effect.

    Then when you sell the goods you also charge your customers VAT when you make the sale.

    If you have been charged UK VAT you need to claim it back via a seperate mechanisim to your VAT return via EVR. See the link below

    http://www.revenue.ie/en/tax/vat/refunds/unregistered-persons-vat-reclaims-faqs.html


    Regards

    dbran


  • #3
    !BigBadBarry
    Registered Users, Registered Users 2 Posts: 41 ✭!BigBadBarry


    Thanks for the quick reply

    dbran wrote: »
    Hi

    You give them your VAT number and the UK supplier invoices you net of UK VAT.

    Ok I get this bit.
    dbran wrote: »

    You work out how much Irish VAT would have been chargable on the UK supplies and you add this figure to your VAT on Sales and provided you are entitled to a vat deduction you also add it to the VAT on your purchases. ie no net VAT effect.


    Sorry but maybe I’m a bit thick because I don’t get this bit at all.

    Ok say I buy a t-shirt for €10, Irish Vat on it would be €2.30. So I sell this t-shirt for say €15 plus Sales Vat of €3.45 plus the €2.30 Vat, so am I selling the t-shirt for €20.75 ? Now where does the Vat on purchases come in ? And how is it then no net Vat ? Is the Vat on purchases not the same as working out how much Irish Vat would have been chargable on the UK supplies ?

    Also is everyone entitled to a Vat deduction ?
    dbran wrote: »
    Then when you sell the goods you also charge your customers VAT when you make the sale.

    Regards

    dbran

    Really sorry if I’m being a bit stupid here but I’ve never done accountancy before and I’m thinking of starting my own business but want to get my head around which way the Vat works first.


  • #4
    maxer68
    Closed Accounts Posts: 1,076 ✭✭✭maxer68


    !BigBadBarry wrote: »
    Say if I was to import clothes from the UK to sell in Ireland I have to pay UK Vat @ 20%. Do I also have to pay Irish Vat @ 23% ? And if so do I get the Irish Vat back and when ? And can I claim back the UK Vat ?

    Doesn't make sense to me having to pay Vat in two countries.


    I'm not being flippant, but I think if you don't have even the basic knowledge of importing, you should do a basic business course before doing anything further with your idea.

    If you need the above questioned answered for you, you will lose a lot of money very quickly due to your lack of knowledge about business.

    County enterprise boards would be best place to start. Even a short 6 week course will give you a lot of basics.


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