Pay VAT on Buying, Pay VAT on selling

rymass

Hello Everyone...

I was wondering how Sole Trader VAT would work in this scenario. Basically, if I buy some products from another EU state and pay VAT on it, do I still need to charge VAT when I resell them in Ireland?

Thanks

barneystinson

rymass wrote: »

Hello Everyone...

I was wondering how Sole Trader VAT would work in this scenario. Basically, if I buy some products from another EU state and pay VAT on it, do I still need to charge VAT when I resell them in Ireland?

Thanks

If you make a taxable supply you account for the VAT on it.

Your right of deduction for VAT on inputs is a separate matter, but if you have a VAT registration you should be entitled to acquire the products without VAT in the other EU country.

rymass

Thanks barneystinson,

I don' have a VAT number because my sales will probably not exceed the 30k odd limit. As such, I was curious if I have to charge VAT to customers if I have already paid VAT in another EU country...

barneystinson

rymass wrote: »

Thanks barneystinson,

I don' have a VAT number because my sales will probably not exceed the 30k odd limit. As such, I was curious if I have to charge VAT to customers if I have already paid VAT in another EU country...

No, it's no different than if you bought the goods here and paid Irish VAT.

rymass

Thanks again - I must be having a slow minded day... so, to confirm, I do not need to charge VAT right?

Knock Off Nigel

rymass wrote: »

Thanks again - I must be having a slow minded day... so, to confirm, I do not need to charge VAT right?

Correct

rymass

Crystal clear now. Thanks again!