Expat Forum For People Moving Overseas And Living Abroad banner

1 - 11 of 11 Posts

·
Registered
Joined
·
446 Posts
I'm not sure if I understood it right but if I did, it looks like IVA is due to go UP to 25 or 26%

That'll be bad news for all of us but especially for those who are building or rebuilding etc!

Hopefully, my barn renovation will be finished before the increase kicks in!
OUCH!!!! :eek:

Luckily I will be exporting most of my products, perhaps I should consider keeping an English company whilst also having a Portuguese one!
 

·
Registered
Joined
·
4,812 Posts
Not heard anything official, wheres info from?

aidan with building works and most things IVA is normally an addition so it's at the current rate at time of invoice, purchase, material costs, transport. fuel etc will all increase

Ononero look at this link General overview - European commission but you should take detailed advice from an accountant with feet in both countries as having a UK company/earings will cause you a tax/VAT issue in UK & Portugal
 

·
Registered
Joined
·
446 Posts
Not heard anything official, wheres info from?



Ononero look at this link General overview - European commission but you should take detailed advice from an accountant with feet in both countries as having a UK company/earings will cause you a tax/VAT issue in UK & Portugal
Hi Canoeman, the UK still allow companies that turn over under a certain amount exemption from VAT and the rate in the UK is still currently 20%.

So even if I was over the exemption in my UK business affairs it would still allow me to retail product in Europe at cheaper rate than if bought from a solely Portuguese business, this is especially of significance if the end user is unable to claim the IVA/VAT element back.

I agree that I do need to talk to somebody in Portugal of my intentions prior to starting anything there. :)
 

·
Registered
Joined
·
4,812 Posts
Portugal turnover +10,000€ you must register for IVA, no difference to rules on charging, not charging, reclaiming etc but I think the importance is not consulting accountants from each country but a accountant who knows and understands how both countries tax, IVA laws will affect you
 

·
Registered
Joined
·
858 Posts
And what I heard was that as the latest round foo austerity measures were passed in Parliament a couple of days ago, the President may now refer some or all to the Constitutional Court. If they agree with the President and throw out the new measures then the Finance Minister is threatening to raise IVA to 24% instead.

I'm sure that the truth is somewhere among all the variations on the theme!
 
1 - 11 of 11 Posts
Top