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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


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