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Dealing with vat in a pricing matrix

  • 02-03-2017 8:08pm
    #1
    Mackdublin
    Registered Users Posts: 23 ✭


    I am preparing a pricing matrix to determine if a product is being sold at a price that generates income for the business. VAT is confusing me.
    In the spreadsheet attached, is Column B the correct spreadsheet for determining if the product is generating a profit or not?
    Also in this example, should I be factoring in the vat payable of 1.31 into my pricing thoughts?
    Confused!!
    Product X.PNG


Comments

  • #2
    tanit
    Registered Users, Registered Users 2 Posts: 325 ✭✭tanit


    Vat should never be included in pricing calculations. You have to exclude it and use only the net figures. That's if you are Vat registered and entitled to claim back Vat. If you are not Vat registered it's when you have to include it as you don't have the option to claim the Vat on Purchases back.

    And the Vat difference between the Vat you charge and the Vat you pay is what YOU have to pay Revenue when you make the Vat return. That's not profit that's your liability with Revenue (if you are Vat registered)


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