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How to calcualte the VAT from 19% - 23%

  • 03-01-2014 10:39AM
    #1
    RBKATU
    Registered Users, Registered Users 2 Posts: 17 ✭


    Hi, I buy items from outside Ireland and pay 19% VAT when purchasing.

    When I sell these in Ireland, I presume I have to add 23% VAT to the sales price.

    Just wanted to know how to calculate the difference when putting the transaction into a cashbook.?

    Thanks for your time.


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    If you are not VAT registered you do not charge VAT.

    If you are VAT registered then you provide your VAT number when purchasing goods from within the EU and they sell them to you without a VAT charge and you self account for VAT in Ireland at the appropriate rates.

    As it stands, if you are not VAT registered as it appears you will have to eat the 19% VAT suffered and cannot charge VAT


  • #3
    RBKATU
    Registered Users, Registered Users 2 Posts: 17 ✭RBKATU


    Thanks for the quick reply. I am VAT registered but only in the last few weeks. I have given my VAT number to the company also beforehand. I would definitely of paid the 19% VAT tho' when buying.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    They should not have charged you VAT and you should seek a refund from them for the VAT incorrectly charged.

    However, if it was purchased in the previous VAT period to when you registered you cannot back date VAT to a VAT period prior to registration and will have to suffer the charge.

    The applicable VAT periods are likely to be NOV to DEC so if you only registered in Nov/ Dec and had purchases in Oct, tough I am afraid.


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