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I'm hoping to start selling firewood locally. My potential suppliers have quoted me prices plus VAT (I'm assuming that to be 20%). Am I right in thinking: 5% VAT should be applied to the price of the wood that I sell (either £X + VAT or VAT included in total price charged)? The 20% VAT that I will be charged by the supplier can be reclaimed (if I'm VAT registered)? I've telephoned a local accountant but she was unsure saying that VAT is complicated and not logical much of the time so I thought I'd ask here. I hope you can help and thank you in advance for your advice.
Hi Everyone Just looking for some advice, i have just had to go VAT registered due to going over the threshold. We have a 2-3 man team and have been in business for two years now. We seem to have a good reputation. I was hoping to stay under the VAT threshold for another year till i started getting more commercial jobs in, Unfortunately 90% of my jobs are private customers who are not VAT registered so cant claim VAT Back. I am worried now as i will have to charge 20% more or take a loss of 20%. I have been doing very well lately but i know for a fact i win a lot of jobs because i don't have to charge VAT on top. Has any one been in the same situation? Did you find you didn't win as many jobs or having a good reputation meant your customers paid more? Any advice would be great, trying to figure out what is best to do. Thanks in advance