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How VAT works ...

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Subject:How VAT works ...
Summary:VAT is not so complicated!
Messages:1
Author:Lester Caine
Date:2016-09-28 07:51:31
 

  1. How VAT works ...   Reply   Report abuse  
Picture of Lester Caine Lester Caine - 2016-09-28 07:51:31
Having now dropped VAT registration I don't have to worry about any of this, and as long as one is under the registration threshold then one simply pays the VAT on the bill.
If you ARE VAT registered then yes you add VAT to your invoices, but ONLY at the rate of your local VAT - unless - and this is where the checking of VAT numbers comes in - you are supplying another VAT registered client in another EU country. In that case the invoice is supplied 'zero rated' so that the reclaiming of VAT does not get affected by the different rates.
While it may be useful to work out what VAT is added where you are not VAT registered, there is no a lot one can do about that since it has to be paid anyway.

 
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