Vat obligations

G

gerrys

Guest
I am starting up an agency here as a sole trader and sourcing my products from a UK supplier.When am I obliged to charge VAT on my sales? is it when I reach a certain figure or do I charge it straight away?
My supplier does not charge me Vat as it is an export sale to them.The product is sourced in the Far East and they pay all
EU import duties etc.
Any advice is welcome.
 
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VAT

"My supplier does not charge me Vat as it is an export sale to them"

I would like to be corrected here if necessary, but if you are being supplied goods from the UK (EU), irrelevant of their initial origin, they will be charging you VAT or clarifying your VAT number, and not charging it...........I think.
 
Re: VAT

Michael,
My understanding is that exports/services between EU countries are Vat free.Please advise ???
 
vat

You have to pay VAT unless you have a VAT no.
I think the UK rate is 18.5%. Then you pass on the VAT at 21% to your customers. Whether or not you add the VAT on to your product/service, you will still have to pay 21% of the sales price to the revenue.
 
vat

oops!
you only pay VAT to the revenue if you are vat registered(which u can opt for) or if your turnover exceeds a certain amount-not sure how much exactly.
 
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