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I am holding some exhibitions shortly and I am wondering about VAT issues.
Despite paying VAT on the materials - frame, mount and photograph I am guessing I also have to send the tax man's share for both VAT on any transactions and then tax on any profit?!
Question is how do other deal with these issues. I guess if the owner of the cafe or restaurant is happy to deal with the transactions then they are liable for the VAT.
Now if I declare profits can I claim back money - i.e. the VAT on materials?!
Any advice welcome
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Quote: I also have to send the tax man's share for both VAT on any transactions
Only if you are VAT registered. If you are not already registered you'll need to turn over a lot of pics to meet the limit, currently 58,000.
Quote: and then tax on any profit
Reckon so. Take it up with your local tax office. Despite the rumours, they're usually really helpful.
I have experience of both being registered for Vat and not registered for Vat.
Firstly, Not registered.
You cannot claim back what you pay out for Vat, and people who buy from you will not have any Vat to claim back. This gives you an advantage when dealing with non-registered people but is a disadvntage where registered persons are concerned.
Persons dealing with you can claim back the Vat if they are registered, but it inflates your prices to non-registered people. You also have the job of making Vat returns to Customs and Excise. They are much worse than the Inland Revenue as they have far more powers than either the IR or the Police.
In all, I would say "Do not register until you have to".
In my experience of the dreaded vatman, you are nothing more than an unpaid tax collector, and as already said, you charge no vat to your customers unless you are registered, I have a vague recolection of reading the big fat do's and dont's of vat, and remember it saying that if you are registered and use your own service for yourself you still have to pay the vat, like thats ever going to happen, so its pretty simple really, if your not registered dont worry about a thing, if you are registered then you are liable for any vat you charge
Quote: You also have the job of making Vat returns to Customs and Excise. They are much worse than the Inland Revenue as they have far more powers than either the IR or the Police.
Might be interesting to see if the merging of C&E with the IR makes things easier on that front.
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