Implications of purchasing items from North for resale here?

M

Mrs.Dee

Guest
Hoping someone can advise. I am thinking of setting up a shop selling household / toiletry / baby items which I plan to purchase in the North. Besides VAT is there any other duties/taxes which I should be aware of??
 
No vat should be the only tax. Remember if you register for VAT in the south you should not be charged UK VAT provided you quote your VAT no. when purchasing in the north.
 
I was thinking about this too, As the UK rate of tax is less than the Irish rate would it not be better if you were under the threshold to not register for Irish Vat and just pay the UK rate?
 
Thanks for the reply.

If I am under the theshold and dont register for VAT in Ireland would does it mean that i donot have to apply the Vat to my sales
 
Yes. If you're not registered for VAT you don't charge VAT.

Are you selling directly to the public i.e. non vat registered people? If so, it may be more beneficial not to register however if you sell primarily to vat registered businesses it's more beneficial to voluntarily register for VAT as you can recover VAT on your costs and your customers can recover any VAT they incur on your invoices.
 
You wont be making much profit if your sales are under the very low VAT threshold...

-and ,of course, what profit you do make is taxable.
 
You must log in or register to reply here.
Back
Top