Vat on rent income
This query is : Resolved
16 September 2011
SIR
WE SUPPLY MATERIAL TO X PARTY WITH BILL BUT ALONG WITH MATERIAL WE ATTACHED TOOL AND WE RECEIED RENT ON TOOL LET ME CLARIFY THAT WE ARE LIABLE TO PAY VAT ON RENT AMOUNT
WE SUPPLY MATERIAL TO X PARTY WITH BILL BUT ALONG WITH MATERIAL WE ATTACHED TOOL AND WE RECEIED RENT ON TOOL LET ME CLARIFY THAT WE ARE LIABLE TO PAY VAT ON RENT AMOUNT
16 September 2011
No you are not required to pay VAT on the same as it is not a sale unless letting is Hire Purchase Agreement or Financial lease. If operationg no Vat is required to be paid
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