VAT registered or not (for dummies)

[i234i]

Hello

Wondered if someone can clear up a quick question.

We have an event where the artist invoiced for £15,000 and agreed and apparently the agent should have agreed £15,000 + VAT.

If we're VAT REGISTERED and pay out the £3000 in VAT but have no Vat to offset. Can we reclaim the full £3000?

 

[Scalloway]

Yes. That is how VAT works. If you pay out more in VAT than you take in you get a refund.