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VAT on UK Imports for Dealers: the Margin Scheme

hoarder · 2012-02-21 09:09:25

Hi, quick question If an Irish dealer imports a car to sell on from the UK can it apply the "Margin Scheme" for VAT just like if it sold on an already registered Irish car, or is it done differently? So for example Price in UK £3,000 Convert to € €3,500 VRT €500 (exclude for calculation purposes) Sell to customer €4,850…

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21-02-2012 10:09am

#1

hoarder

Registered Users Posts: 52 ✭✭

Join Date: February 2010

Posts: 35

Hi, quick question

If an Irish dealer imports a car to sell on from the UK can it apply the "Margin Scheme" for VAT just like if it sold on an already registered Irish car, or is it done differently?

So for example
Price in UK £3,000
Convert to € €3,500
VRT €500 (exclude for calculation purposes)
Sell to customer €4,850 (including VRT)
Profit €850 (€1,350 - VRT)
VAT on Profit (Margin) €850 * 23/123 = €154

Thanks

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