Paying VAT on winning item!

Time2Go_25

As can ben seen from this VAT is complex and getting it wrong could prove very expensive, I would suggest that anyone in need of VAT advice seeks it from a professional and doesn't pay too much notice to ramblings on a public forum, however well intentioned.

soolin

pdel61 wrote: »

As can ben seen from this VAT is complex and getting it wrong could prove very expensive, I would suggest that anyone in need of VAT advice seeks it from a professional and doesn't pay too much notice to ramblings on a public forum, however well intentioned.

Well said. It should always remember that personal advice, however well intentioned is no replacement for properly sought advice from a business with professional indemnity.

VAT is a minefield and it is best to seek proper advice especially where is appears that it is possible for some users to misunderstand the complexities of the regulations.

nick74

geordie_joe wrote: »

So why is delivery by the PO or it's agents listed as zero rated VAT?

It does not matter whether the item being sent is zero rated as you are atill using the service, but the service itself is zero rated!

Try reading the rest of the thread.

Edit: It is probably worth pointing out here that postal services provided by the PO are NOT zero rated for VAT, they are exempt from VAT - not the same thing at all.

meester

soolin wrote: »

Well said. It should always remember that personal advice, however well intentioned is no replacement for properly sought advice from a business with professional indemnity.

VAT is a minefield and it is best to seek proper advice especially where is appears that it is possible for some users to misunderstand the complexities of the regulations.

Sound advice, I can see how people can misinterpret words such as 'supply', which have a precise meaning.

This is why the friendly tax people (no joke) are here, and they will answer such questions for small businesses free of charge.

Businesslink should be your first port of call, or try HMRC themselves.

http://www.businesslink.gov.uk - tax and general business advice, helpful and more couched in layman's than accountant's terms

http://www.hmrc.gov.uk

HMRC advice line 0845 010 9000

Or general Business Link phone number, who will be able to direct you, 0845 600 9 006