Home / Knowledge / News / Textiles / Wool sales to Ireland must be checked for VAT - NFU
Wool sales to Ireland must be checked for VAT - NFU
17
Aug '11
National Farmers Union (NFU), the principal UK body for those in the agricultural industry, has asked sheep farmers to check if there are any tax implications while selling wool to Irish merchants.

The NFU has said that sheep farmers are liable to a VAT charge on sale of wool, unless they can prove that the wool was exported to Ireland within three months of sale, the period for which VAT is zero-rated.

The sheep farmers have been advised to ensure that they have correct documentation. If the wool does not leave the UK at all, it will amount to domestic UK transaction and in such cases, the farmers must charge and account for VAT.

If the wool is exported to Ireland before three months from the date of sale, farmers have to obtain the merchant's Irish VAT number, which needs to be quoted on the VAT invoice raised for the supply of wool.

Further, farmers must keep all copies of correspondence that shows the date of wool leaving the UK.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search