UK VAT on goods from EU query

Mar 11, 2019
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United Kingdom
Hi there,

Just trying to get some advice of VAT recharge.

I'm bringing sportswear into the UK from Spain, arrives and I charge VAT on the sale, how do I account for the VAT that is attached to the goods when I buy them?

In theory at the moment if I buy something from the supplier for £10, and sell for £12 (inclusive) I'm making a £0.40 loss overall by the time I've paid the VAT man??

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