Hi all, hoping someone can help, I'm a sole trader and VAT registered. I buy goods from a Spanish company and pay their UK sales team, the goods come from Spain with no VAT.
I add the 20% VAT when I sell on the goods and then pay HMRC that money, get all that bit, but I'm losing money on some deals... Am I missing a link here? Should I be claiming something back??
Example...
I buy item A for £10 no VAT,
Sell for £12 including VAT, pay £2.40 back to HMRC....
Is it just a case of I need bigger margins to make profit?
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