Aother VAT Question.

[jdpos]

This has probably already been asked loads before. If my supplier adds on VAT on the products, when I sell them do I need to add on VAT aswell?

[INDIZINE]

If you are not vat reg you cannot charge vat nor reclaim it.

[Diggerboy]

Depends if you're VAT registered or not. Assuming you're not, you pay your supplier the VAT and you CAN'T claim it back, and you cannot charge VAT separately or provide a VAT receipt for the items you sell. So basically you just charge whatever you need to sell profitably.

As I understand it, anyway...

[Leo-InstallingIT]

Are you VAT registered?

At the end of the day then if your supplier adds VAT, this is the price you are paying. If you are not VAT registered then the price you buy it for + your markup is the price you need to sell it for. But you must not say it is including VAT.
However if you are VAT registered you will need to have VAT on your prices, you will be able to claim back to VAT amount you paid, but will be charged the VAT amount you on the price you sell it for.

I hope this makes sense.

Many Thanks

Leo