V.A.T

clb74

Have put my flat up for sale signed a contract for 1 per cent + vat.
couple of weeks later noticed estate agent is now doing 1 per cent no vat
i always thought once you start with vat there is no going back?

Off_it

Cash is VAT free.

Lincsaddick

it means that the agent picks up the VAT .. instead of paying 1% of 'the price' you're in effect paying .80%, the rest is actually the VAT

Off_it

Lincsaddick said:

it means that the agent picks up the VAT .. instead of paying 1% of 'the price' you're in effect paying .80%, the rest is actually the VAT

Or alternatively he's just not declaring anything.

clb74

cheers
was a new estate agent though would they have to pay vat from the start or when they hit the threshold

Off_it

If it's a brand new business then he wouldn't have to account for VAT from day one.

Goonerhater

They may be playing the VAT but adsorbing the cost in other ways.

clb74

will go over tommorow and have a word with them
thanks all

clb74

they are gonna knock the vat off
saving me a few quid

thai malaysia addick

Lincsaddick said:

it means that the agent picks up the VAT .. instead of paying 1% of 'the price' you're in effect paying .80%, the rest is actually the VAT

Actually, it's 5/6th of the price which is nearer 83%. In other words, they are giving a 17% discount.