Hello all

[AndyL]

Hi all, 

Glad to be here and looking forward to learning, I'm fairly new to this but like many I'm interested in buying some silver atm from someone with a good reputation. Looking into it as a newbie from the UK vats a bit of a killer. I have a vat registered business in the UK(margin scheme rather than standard vat so can only claim vat back on certain goods) and when purchasing certain goods from Europe but outside the UK and provide my vat number the vat gets squashed, I spoke to my accountant re buying silver through the business and he thought this was possible, obviously I would have have to pay tax/vat on any future gains if that was the case. It seems a bit too good to be true. I'm sure there's people on here with more expertise on this. Happy to chat here or privately if anyone's interested. Sorry if this has been covered already. 

 

[ChrisSilver]

Hello and welcome to The Silver Forum  

[AndyL]

Thanks Chris 😊

[trp]

Hello Andy, welcome to forum  

[AndyL]

Just now, trp said:

Hello Andy, welcome to forum  

Thank you trp 👍

[CadmiumGreen]

Welcome aboard The Silver Forum!

[Tn21]

Welcome, ahh vat the dreaded 3 letter abbreviation. 

Tsf should guide you well.

[Agpanda]

Hi and welcome to the forum from Sweden

[AndyL]

Is there any European silver dealers from outside the UK on the forum who are vat registered? This margin scheme scenario of purchasing as a vat registered company in the UK under the margin scheme from European vat registered company is confusing me. Happy to chat privately and if there's anything in it to help others on the forum. It's something I've used with other goods as I've ordered framing materials from the Republic, provided my vat number for importing into the UK, vat gets squashed then I just pay vat on the profit margin. Would make it alot more interesting with silver but does seem too good to be true. 

Same thing with a client from Holland with a vat registered business purchasing primary artwork from a UK company vat registered artist, he provides his vat number, vat gets squashed as long as you keep proof of the shipping. He would pay whatever his vat is when he resell. 

It's the margin scheme that makes it potentially interesting though, If I was under the normal vat scheme it wouldn't make any difference as I'd still have to charge the 20% on top when selling. 

If anyones interested or if there's a straight and simple reason it doesn't work I'd love to hear. 

I'm not looking to be a silver dealer BTW just looking ways to lower the cost, like everyone else I'm sure! 

Sorry for the essay! 

[MikeG1978]

Hello and welcome to the forum

[AndyL]

4 minutes ago, MikeG1978 said:

Hello and welcome to the forum

Thanks Mike 👍

[InvestInCoins888]

Welcome! 

Id wait off buying silver for a little while if you can. Supply chains are almost non existent and prices all over the place.

You have found a secure place to trade, keeping in mind the usual security measures.

[AndyL]

6 minutes ago, InvestInCoins888 said:

Welcome! 

Id wait off buying silver for a little while if you can. Supply chains are almost non existent and prices all over the place.

You have found a secure place to trade, keeping in mind the usual security measures.

Thanks, I've bought a few bits the last couple days and just agreed something else but yeah I think you're right, I'll hold off after this one and let things settle to see where the land lies 👌

[KevinG]

Hello and welcome

[AndyL]

8 minutes ago, KevinG said:

Hello and welcome

Thanks Kevin 😊

[5huggy]

Welcome aboard TSF  - best place to be, for knowledge , advice and fun in the PM world

[AndyL]

16 minutes ago, 5huggy said:

Welcome aboard TSF  - best place to be, for knowledge , advice and fun in the PM world

Thanks at @5huggy 😊