** I have asked this already in a past thread just want some more feedback on it**
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Hey
Can someone work this out for me
I buy goods form a distributor say one item @ 100 ex vat
so I pay 100 + vat @ 21 = 121
I want to make 30% on the item how do i tot it up after that
100 @30%= 130
plus the vat i paid 21
= 151
and then the vat i charge the customer @21% 181 total
So i make 30 euro plus i get back the 21 in vat I paid the distributor
That right?
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Re: trade price and list price. Buy item 100 + 21 VAT = € 121
Sell item 130 +27.3 VAT = € 157.3
Pay 27.3 - 21 = € 6.3 VAT to revenue
Ignore vat as it is not your money, you just collect it for the government
Is that right ???