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V.A.T

clb74
clb74 Posts: 10,830
edited October 2012 in Not Sports Related
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?

Comments

  • Off_it
    Off_it Posts: 28,935
    Cash is VAT free.
  • Lincsaddick
    Lincsaddick Posts: 32,387
    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
    Off_it Posts: 28,935
    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
    clb74 Posts: 10,830
    cheers
    was a new estate agent though would they have to pay vat from the start or when they hit the threshold
  • Off_it
    Off_it Posts: 28,935
    If it's a brand new business then he wouldn't have to account for VAT from day one.

  • Goonerhater
    Goonerhater Posts: 12,677
    They may be playing the VAT but adsorbing the cost in other ways.
  • clb74
    clb74 Posts: 10,830
    will go over tommorow and have a word with them
    thanks all
  • clb74
    clb74 Posts: 10,830
    they are gonna knock the vat off
    saving me a few quid
  • thai malaysia addick
    thai malaysia addick Posts: 18,407
    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.

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