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Dealing with payments


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If I was to rent properties for someone and charge a % fee for doing so am I right in thinking I would only pay VAT on the cost for my service?

So lets say I receive £500 pm, I charge say %10, that would equate to £450 to property owner, £10 to HMRC ( VAT ) and £40 to the managers ( us ) ?

This is based on us being VAT registered ignoring end of year accounts where we pay tax on all our income at that point.

Make sense?

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