NS Dev
|
| posted on 12/1/12 at 02:47 PM |
|
|
argghhh VAT on eu imported goods?
Any accountants in the house?
We currently keep our own "books" and have started to bring a few parts into the country from holland and germany.
As we're now VAT registered, how do we deal with these parts?
At the moment we're paying the VAT (say 19% in germany) on these parts, but I don't know what to do in our accounts?
I've read the HMRC guidelines and they are as clear as mud! I'll ring them to check, but thought somebody on here must have done or be
doing this?
my "presumption" is that if I supply my german supplier with my UK vat reg. number, he will supply me at price less VAT, then I have to
pay the 20% vat in the uk, charge on the 20% vat to my customer, pay this to HMRC and claim back the VAT I "paid" on aquiring the
goods.................
I can't seem to find any reference to how this system is supposed to work!
Retro RWD is the way forward...........automotive fabrication, car restoration, sheetmetal work, engine conversion
retro car restoration and tuning
|
|
|
|
|
splitrivet
|
| posted on 12/1/12 at 03:08 PM |
|
|
Prepare to have HMRC all over you like a bad rash after the VAT Carousel frauds from a few years back.
Cheers,
Bob
I used to be a Werewolf but I'm alright nowwoooooooooooooo
|
|
|
Pdlewis
|
| posted on 12/1/12 at 03:43 PM |
|
|
why dont you engage an accountant for advice?
I have an accountant do my books and they are no where nr as costly as you think and even less so for bit of information like this
I use these guys up by volvo in hinckley
Dowsett Moore
Chartered Accountants - Hinckley
17 Station Road, Hinckley, Leicestershire., LE10 1AW
Telephone
01455 230 537
Build Photo Album
Updated 05/02/2009
|
|
|
Jasper
|
| posted on 12/1/12 at 03:56 PM |
|
|
If you have each others VAT numbers then as far as I know they don't have to charge you the VAT. I get regular bills from a big German supplier
and there's never any VAT on them.
I use a local book keeper. Cheaper than an accountant and definitely save me time and money as our accounts are super complicated, import and export
from EU and worldwide, and dealing in new, secondhand and antique items - at least 5 different VAT rules!!
You can always call HMRC, depending on who you get then can be very helpful and even pleasant!
If you're not living life on the edge you're taking up too much room.
|
|
|
cliftyhanger
|
| posted on 12/1/12 at 04:17 PM |
|
|
Do go and ask the taxman. My dealings with them have always been very good, they like to help and have never stitched me up. I was even
"investigated" once, and it turned out I owed them about £25, but they actually paid me a refund (long story!)
Previously they gave me advice that saved a fair wedge of cash too.
|
|
|
JonnyS
|
| posted on 12/1/12 at 07:39 PM |
|
|
I'm a Chartered Accountant for my sins:
For the EU supplier to charge zero rate VAT on your purchases, these conditions need to be met:
- the goods are sent out of the country to somewhere in another EU country
- whoever they're sending them to is genuinely registered for VAT in another EU country
- they get your VAT registration number - including the two letter country code - and show it on the sales invoice
- they've got paperwork showing that the goods have gone out of the country - 'evidence of removal'
- they dispatch the goods and get evidence of removal within a set time - which is normally three months
So you should be getting a zero rated invoice each time. This is how it should be dealt with:
Business 'A' is UK VAT registered (and UK resident) and makes acquisitions from a VAT registered EU business 'B'. The goods
would be standard rated (20.0%) in the UK, however as it is an 'acquisition' and meeting the criteria, it is zero rated (0.0%) by business
'B' in accordance with EU directive. The cost of the parts are £100.
In the above example, you would:
1. Include the net value of the acquisition (zero-rated by B) in box 7 of the VAT return (inputs) = £100
2. Include the net value of the acquisition (zero-rated by B) in box 9 of the VAT return (acquisitions from EU countries) = £100
3. Include the VAT payable on the acquisitions based on the goods itself in box 2 = £20 (as a standard rated good in the UK)
4. Include the VAT reclaimable on the acquisitions included in box 2 in box 4 of your VAT return (VAT reclaimable on inputs) = £20
So effectively you're putting it on to the VAT return then taking it out. Then net effect is no VAT is claimed, but no VAT is suffered in the
first place. Most clients don't bother though  Effectively a silly process but one which is required to keep a check on EU business.
I'd be happy to consider taking you on as a client 
|
|
|
woolly
|
| posted on 12/1/12 at 10:06 PM |
|
|
quote:
I'd be happy to consider taking you on as a client
that is one class sales line
thanks for the onfo as i bought suff and also needed to know
|
|
|
JonnyS
|
| posted on 13/1/12 at 06:39 AM |
|
|
quote:
Originally posted by woolly
quote:
I'd be happy to consider taking you on as a client
that is one class sales line
thanks for the onfo as i bought suff and also needed to know
Didn't quite mean it like that. Just that the OP isn't round the corner, but about 50 minutes away, so if they needed a real hands-on
approach I couldn't provide it. A couple of visits a year plus phone/email support is fine
|
|
|
