How would vat work on this example?
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OK, I sell a product to a retail shop at £2.07 and the rrp is £2.95. how much vat would the shop be paying? would the vat be 17.4p? i am not vat registered so it would only be the retail shop who pays the VAT
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Answer:
Please refer to my previous answer. Your customer would pass on the 49p VAT to the tax man.
Carl at Yahoo! Answers Visit the source
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