whats is VAT?

demaz · 13-08-2007, 09:37 PM

hello, most of u know what this is prob, im new to this feild can u please explain what VAT is?
how i get it
what its for
how much it cost
and info on it like that, thanks !

Beneddie1112 · 13-08-2007, 09:40 PM

Take a look here:
http://customs.hmrc.gov.uk/channelsP...l=pageVAT_Home

DSC · 13-08-2007, 10:34 PM

If you are just buying and selling in the USA then you do not need to bother with VAT, think of it as GST and then forget about it.

FoloGiftCom · 27-08-2007, 02:40 AM

I guess it's Value Added Tax ?

anotheruser · 27-08-2007, 09:54 AM

Quote:

I guess it's Value Added Tax ?

Correct. And it only applies to traders in countries which are members of the European Union (EU). There are twenty of them currently. It is collected within those countries and anyone outside them doesn't have to bother about it other than the usual disclaimer telling customers they are responsible for their own local taxes and duties.

greedyboy · 27-08-2007, 11:37 AM

It is not necessarily collected in the originating country, can also be invoiced \t net value when selling to another benefide VAT registereded company or individual.

**Pete** · 27-08-2007, 01:43 PM

No GST in the US, either. That's something the folks north of us have to deal with.

The only VATs in the US are used to store moonshine.

And of course that traditional UK export, VAT 69.

anotheruser · 27-08-2007, 08:23 PM

greedyboy's right. I should have said accounted for rather than collected, and if it's cross border between two EU traders in different countries, it has to be accounted for in both.

titanwholesale · 27-08-2007, 08:46 PM

VAT in the UK is the 17.5% that the government takes out of a transaction that comes into the UK from somewhere outside of the EU such as China

**LewisSellers** · 27-08-2007, 11:55 PM

VAT is a waste of time, you want to avoid it when being a business as much as possible if unless your importing, It just creates more hassle when selling. I think the barrier for being VAT registered in the UK is £58,000, once you've earn't more than that a year, you HAVE to start paying it......

Where does this money go ?

Well, some of it goes into hospitals and schools etc, and keeps the place nice etc. Though whenever you pay VAT on something, your paying for people who can't be bothered to work, to sit around and get things done for them. Argh, I'll just stay quite