2012, up date Its 20% now on all EEC Sales.
We like many honest and trusted dealer here on ebay pay our taxes on all our sales, any U.K. dealer who sells more tham a few fossils to the Total yearly turn over ( Sales) is more than
£ 1173. per week £61,000 per year (from 1st April 2006 )
Value Added Tax (VAT) is a tax on the final consumption of certain goods and services in the home market ( U.K and EEC ) but is collected at every stage of production and distribution. Most business-related goods and services ( Fossils and the postage and packing ) will therefore be subject to VAT. There are several UK VAT rates, the standard rate being 20%.
What is this ??:
WHAT IS VAT?
Value Added Tax (VAT) is a tax charged on most business transactions made in the UK or the Isle of Man. Value Added Tax (VAT) is a general consumption tax assessed on the value added to goods and services. It is a general tax that applies, in principle, to all commercial activities involving the production and distribution of goods and the provision of services. It is a consumption tax because it is borne ultimately by the final consumer. It is not a charge on companies. It is charged as a percentage of price, which means that the actual tax burden is visible at each stage in the production and distribution chain. It is collected fractionally, via a system of deductions whereby taxable persons (i.e., VAT-registered businesses) can deduct from their VAT liability the amount of tax they have paid to other taxable persons on purchases for their business activities.
This mechanism ensures that the tax is neutral regardless of how many transactions are involved. If you wish to register for VAT, a VAT registration form needs to be completed. We can provide all of the necessary assistance to complete this form efficiently and accurately. We can also advise you with regard to supporting documentation, such as copy invoices and contracts, that you may need to submit to HM Customs with your registration form. Specialised UK VAT registrations for non-UK businesses: the requirement to register for VAT is determined mainly by your business trade and not necessarily the country where your business resides. You may be required to register your company for VAT because you have draw down stock in the UK, or trade over the Internet. We can help you to register and can assist with the preparation and submission of your VAT Returns. If you are a UK business and you travel to another European Union member country on business, you may be entitled to recover VAT on some of your expenditure.
Each European country has different rules about which expenses are recoverable and the rules can be complex. We can assist you to assess any VAT refunds and can compile and submit these claims to the relevant tax authority.
If you find a dealer who said that " We are the biggest dealer in the world" we sell the most fossils !!, please ask them if they pay any taxes or VAT.
If in unsure ??
HM Revenue & Customs Tax Evasion Hotline
HMRC is committed to targeting tax evasion. We know some people don't pay their fair share of tax, which is unfair for the rest of us. Now you can help us do something about it.
The Tax Evasion hotline deals with income tax, corporation tax, capital gains tax, inheritance tax, VAT and National Insurance.
The Hotline can take your call on 0800 788 887 (Lines are open Monday to Friday 8am to 8pm, Saturday and Sunday 8am to 4pm), or you can submit a report here.
No information - however trivial it may seem -is too small. It could be the key to stopping fraudulent or criminal activity.
Make a report online now.
Theses people could be stealing you money !