ruthheasman ·
2. **VAT Registered:**
- Purchase price from supplier: £100 + £20 VAT = £120 (you can reclaim £20 VAT)
- Sell to customer: £150 + £30 VAT = £180 (you charge £30 VAT)
- Total VAT paid: £20 (reclaimable) - Total VAT charged: £30 (payable to HMRC) = £10 payable to HMRC