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VAT Question

  • 02-10-2014 10:14am
    #1
    Lux23
    Registered Users, Registered Users 2 Posts: 7,134 ✭✭✭


    So this may really silly, but say you run a business selling goods at a rate of 23% and you made sales of €700.

    Do you have to charge the VAT on top of €700 giving a figure of €161 or do you exclude the VAT from the original figure and end up with a figure of €130.89.

    I have been doing the former, but someone said to be that we have been paying too much Vat. This guy isn't that reliable but doubt has set in.

    Just to be clear, it's a small business so VAT isn't worked out at point of sale.


Comments

  • #2
    premier10
    Registered Users, Registered Users 2 Posts: 320 ✭✭premier10


    If the customer pays you € 700 for goods then this € 700 is vat inclusive.

    If the customer pays you € 861 for goods then € 861 is Vat inclusive price.

    Calculate your vat back from whichever the customer pays you


  • #3
    Lux23
    Registered Users, Registered Users 2 Posts: 7,134 ✭✭✭Lux23


    Oh so he is right, I am going to be killed!!!


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