jamesthefirst
Private Member
What’s this reverse charge VAT? I’m not registered just curious.
VAT
- Thread starter jamesthefirst
- Start date
vfr12
MOTORC*NT
You might not be , but still have to add it if you issue an invoice. You also have to declare it to hmrc + the vat from the supplier of the goods or services to you as trade or customer. Basically to battle the off the books fraud and collect more taxes for the government, which will give the accountins more work and of course they’ll put their rates up.
vfr12
MOTORC*NT
The only ones who don’t have to worry about it are the trades under CIS, with other words the site monkeys. Everyone else will be affected in some way!
The advice seems pretty clear, if you aint registered and don't charge VAT it dosn't apply to you. If you charge for VAT anyway and have been trousering the difference that's a naughty that will now show up on the clients books and HMRC will come back.
I am not registered and don't charge it, I absorb it in my quote & margin. I quite often state this in any written quote and no, they cannot have my supplier discount anyway and buy it direct. If it's a big enough value they'll get a decent discount buying direct anyway.
I am not registered and don't charge it, I absorb it in my quote & margin. I quite often state this in any written quote and no, they cannot have my supplier discount anyway and buy it direct. If it's a big enough value they'll get a decent discount buying direct anyway.