Originally Posted by b19bal
does nobody listen to me
unless they changed the law in 5 years you pay vat on the profit if ya vat registered !!!!, as the items already have payed vat, if ya sell at a loss you pay no vat !!!!, its not the same as new !!!!!
someone check it out for me as my store with a turnover of 3.25 million a year done it exaclty that way !!!
hence why they liked the second hand market as ya could buy at you own prices to decide the margins then noit pay asmuch taxes
my old boss aint about anymore as hes fooking loaded and sold his property development company and his 2 stores and aitn gonna worka stroke since
if i could get hold of him to ask a question it wouldnt be about vat, would be to tap him for a bullseye till the weather brakes
Thats because when they buy things they cannot claim the vat back because its off joe public as they aint vat registered, so only pay vat on the profit they make ,
If your vat registered you pay vat on every thin u sell,because you claim it when u buy it.
If its a PX unlike cars (when you pay it on the profit),dont matter what it i s cookers etc you pay vat on it when u sell it ,thats the way our shite country works your fucked all ways round as i know every week.