UK VAT Query...

T

tred

Registered User
Messages
53
Hi All,
I know there are some posts on this allready, but not so clear to me.
I am buying some equipment in the UK for my company. The value of this item will be 9500 Sterling. I have a vat number, so the seller in UK will not charge me VAT.

What do i Put on my vat return for the UK vat amount? The UK vat amount I should have payed if i wasnt avoiding VAT is 1662.5. (17,5%)

In my Vat 3, return, in the E2 section, do I just convert 9500 to Euro, and palce that in there. Is that enough.

Do I also add to my VAT on sales, the Euro value of 1662.5 and then also, add this to VAT on purchases,therefore cancelling it out?.
 
Tred

You must include VAT in Box T1 of your VAT return based on the Irish VAT rate that would apply to a sale of those equipment (probably 21%).

If you charge VAT on your sales, you should also be able to reclaim the VAT amount by entering the same VAT value in Box T2.

You should include the Euro value of the goods (exclusive of VAT) in Box E2 of the VAT return.

Hope this helps
 
Have a question of a similar nature,am buying a car in england for my personal use which is vat qualifying,does this allow me to register the car in my own name,give my business vat number and avoid paying vat?Sounds strange but someone told me they done it?
 

Perfect..this is what i suspected. So even though I am not selling it, I inlclude the value in T1. just so that its in the system.
 
But do you not also put it in T2 to cancel it out otherwise you will be paying the vat amount?

tred said:
Perfect..this is what i suspected. So even though I am not selling it, I inlclude the value in T1. just so that its in the system.
Click to expand...
 
Thanks Graham, the post by Tred looked as if he was putting it in the T1 box only.
Thanks for the cearing this up
 
You must log in or register to reply here.
Menu
Log in
Register