Hi,
Sorry for the long and waffley title but I have a question about VAT within Europe.
Scenario:
Me - potentially a new company, not registered for VAT because below threshold.
Company - Buying products from Poland, selling to consumers in the UK.
I understand that I pay the Polish company 20% VAT on anything I buy from them but can I then simply sell the products in the UK without any issue.
If I buy a widget at £10 + 20 VAT = £12 cost to me.
If I then sell at £18 I simply pay my tax and that's it. There's no further implications on VAT to me (so long as my turnover remains below the limit)?
It probably sounds terribly obvious but I'm sure there's more to it!!
Cheers for feedback,
James
Sounds about right to me
Sounds fine - I think that if you were VAT registered, then you would be able to give them your VAT No, buy and import without polish VAT, and then charge VAT on the sale without having to reclaim.
Yeah, I think thats it, you basically have to pay VAT at some point.
I thought VAT there was generally 22%. I'm looking into a similar scenario, thanks for that.
Set up another company in Poland and claim the VAT back through this company.
What we did in Thailand.