To vat or not to vat?

[samtheman365]

As im just starting up my firewood business i was wondering what is all your opinions on going V.A.T registered???

[Steve Bullman]

do it. you'll be a fool not to. you have to pay 17.5% vat on all wood you buy in. only have to charge 5% out though....ive not had a customer complain about this yet

[samtheman365]

do it. you'll be a fool not to. you have to pay 17.5% vat on all wood you buy in. only have to charge 5% out though....ive not had a customer complain about this yet

that is what i was thinking

[Rupe]

Why 17.5% ??

[Steve Bullman]

sorry 15%

[Big 'Ammer]

Its going back up to 17.5% in January.

[Peter]

You dont have to tell them about the VAT unless they specifically ask, if they ask if theres any vat you just say "no is no vat on top of the price". Just put all your prices up already including the VAT. If they want a receipt then you will need to itemise it, but if they have a reciept there is no knocking the VAT off for cash either.

[samarb]

do it. you'll be a fool not to. you have to pay 17.5% vat on all wood you buy in. only have to charge 5% out though....ive not had a customer complain about this yet

 

Completely agree with steve, when went VAT it was the best thing for fire wood like he says at 15% to 5% you cant loose. also only equates to a couple of quid on a load of wood so it wont really effect your price, especially if your buying a proccessor and truck will more than overwiegh what you pay back for a number of years.

[Andy Collins]

Although firewood is charged out with 5%vat, if you're stacking logs for a client this has to be charged out at the full 15%vat, I know of someone who got checked out by Mr Vatman, and he got pulled up for this.

[Buzz]

You'll also be able to claim back the VAT on equipment you've purchased going back at least a couple of years (I think).