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VAT 2/3 rule ....am I missing something?

  • 02-09-2012 9:04pm
    #1
    091chippy
    Registered Users, Registered Users 2 Posts: 19 ✭


    ok heres my situation
    im doing up an invoice and heres the figures
    I bought the materials for €5365.85 + vat @23% €1234.14 total €6600
    so
    materials €5365.85
    labour €2827.98
    sub total €8193.83

    vat @ 13.5% €1106.17
    total €9300.00

    I am claming the €1234.13 back from the purchaces of the materials but I am only giving €1106.17 back ?????????
    that cant be right cos ill be making money from vat but its ok to use 13.5% rate according to the 2/3 rule.....
    any ideas
    I dont like claming back more than i pay


Comments

  • #2
    091chippy
    Registered Users, Registered Users 2 Posts: 19 ✭091chippy


    any opinions welcome
    thanks:confused:


  • #3
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    091chippy wrote: »
    any opinions welcome
    thanks:confused:

    There's nothing wrong with your numbers, that's just how the rules work.

    It's a bit strange that you're not marking up the materials up though... if you were marking up by even 5% on them while still charging a final price of 9,300 to your customer, then the VAT rate applicable would be 23%, and the amount you'd be able to charge for the labour would be only 1,926.83...


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