vat on goods bought in uk

paul 72

Hi
im vat registered in ireland, if i buy goods in the uk eg stationary ,toys, when i convert the sterling to euro have i to put 23%vat on my goods before i put my profit on them for resale?

bappelbe

You will get the goods from the UK supplier with 0% UK VAT on them.
You will need to pay the VAT (23% or as relevant) on the purchase price with your next VAT return though you will also be able to claim it back as it is part of your purchases
You will of course be adding the relevant VAT rate (23%) to it when selling it (which will also be in your VAT return)

Depending on the amount you are importing, you might need to make INTRASTAT returns as well.

I hope that is clear enough.

jimmii

Buy in sterling with 0% VAT (you will need to give them your vat number it can be tricky if you are dealing with small suppliers at times.) Convert your landing cost into euro add on your profit margin then add on vat.

EG:

£1 = €1.34 + €1 profit = €2.34 + VAT =€2.88

paul 72

Thanks for the reply lads

jimmii

paul 72 wrote: »

Thanks for the reply lads

No problem good luck! Entrepreneurial & Business Management is probably a forum worth looking at if you are new to business lots of info there!