hi,
yes I'm registered for VAT and have been filling in VAT returns etc, but more specifically I was wondering the following:
If I were to introduce a phone credit terminal then I would not be buying any stock/materials for this and would not be paying VAT on any puirchases.
So say for example I sold €10 worth of credit, I would take €10 from the customer and €9.50 would be debited by my account by the service provider. So do I need to pay VAT on the 50c that I made on this transaction, and if so, how would that be calculated as I didnt pay VAT on an initial purchase. confused!!