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VAT advice required

Posted by: National Club Meetup

Does anyone know if there are financial implications for a school if it is buying in products (e.g. keyrings) on which it pays VAT, but which it then sells on (without charging VAT) as part of a school enterprise venture to raise funds (either for charity or for internal projects)?

Responses to this question (1)

  • National Club Meetup

    09/07/2008, 12:36 PM

    no profile just yet

    Clare Rayner from Arc-Retail knows a lot about retail and offered this advice:

    School is VAT registered? It claims vat back. Not registered, it doesn’t In the end the resale price should reflect the cost price of the product, plus any margin, and, if resold without VAT (and school vat registered) then that may be illegal - unless it’s a non-vatable item!