VAT On Scrap Gold

PLounge · 29 January 2010 at 10:44PM

Hi All

I have seen a few threads on scrapping old for cash.

I have a question about the cash you recieve for any scrap gold. I have been told by a friend that anybody buying scrap gold will deduct 17.5 VAT on any cash given for scrap gold.

Has anybody on here been charged this for selling their gold?

DiggerUK · 29 January 2010 at 10:55PM

PLounge wrote: »

I have a question about the cash you recieve for any scrap gold. I have been told by a friend that anybody buying scrap gold will deduct 17.5% VAT on any cash given for scrap gold.

If anybody deducts VAT then you can shoot them, (illegal) or go to another buyer,(legal)

Personally I would shoot them, then go to another trader, but I don't have a problem with breaking the law.

Hales · 1 February 2010 at 2:09PM

I don't know sorry Hun

dbarcl10 · 1 February 2010 at 7:28PM

Sounds like a dodgy firm trying to up their profit to me.

As the seller you would be charging them (the buyer) VAT and passing this element of the sale price onto HM Revenues & Customs. I'll assume however that the gold won't be worth more than £64,000 and you therefore are not required to register for VAT with HMRC. Therefore there is no VAT on the sale price.

PLounge · 2 February 2010 at 10:19AM

Thanks for your comments. As I guessed it seems I was being had.

I have sent my scrap gold to Hatten Garden Metals yesterday after reading the HGM thread.

I will let you know how I get on

VAT On Scrap Gold

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