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tracee
Apprentice
Joined: 12 Feb 2004
Posts: 10
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 Posted: 08/08/07 - 04:30 Post subject: |
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| I am curious on how to calculate VAT for I am about to start selling a children clothes and I do that on drop shipping bases- so I don’t need to keep them on stock –and I know that some VAT are being calculated under different rates so my question is actually what is the VAT rate for the children clothes and how to calculate VAT anyway. |
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morgun
Apprentice
Joined: 20 Feb 2006
Posts: 11
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| Posted: 09/24/07 - 21:45 Post subject: |
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| Children clothes VAT is being calculated with zero rating and this means that zero rate is not what it refers to total exemption and basically that means that goods under zero rating means there is no VAT for it –so practically you don’t have to calculate no VAT on children clothes. And if it happened that your distributor has actually charged you the VAT on purchasing these clothes you still have a chance to reclaim the VAT. Anyway if you are interested in some other chargeable rates there are-standard rate –which is 17.5% at this moment and it is VAT that is usually being added in most of the business to its selling products and goods and there is a reduced rate -5% -these are certain products and goods that are being calculated with somewhat reduced VAT rate such as contraceptive products and also domestic fuels. |
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