Hi,
New to this amazing forum and trying to grasp an idea of how VAT works.
So we are thinking of purchasing and selling goods from the UK to a non-EU country as there's substantial demand but very little supply of these goods. As I have read and understand, once VAT registered, we can claim input VAT paid to acquire these goods by zero-rating them. But what I'm trying to get my head around are the followings:
1. Our output VAT will be next to nothing (due to only selling to non-EU clients) but input will be very high, can we still claim the VAT we have paid with no collection whatsoever?
2. Can we claim VAT on other business expenditures as well? i.e VAT paid on commercial/business vehicle?
Would really appreciate it if someone can shed light on these questions and please feel free to add any other information you think might be useful.
Thanks!
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