Reporting of Vat on UK purchases

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
09 Nov 2010 12:00 AM by trendytots Star rating. 12 posts Send private message

Hi,

Has anybody got experience of purchasing goods in the UK for resale in Spain. I need some advice on the way to treat the VAT.

 

Thanks





Like 0      
09 Nov 2010 6:19 PM by GuyT Star rating. 512 posts Send private message

If you are VAT registered in UK you claw back the VAT (that you paid when buying or importing the goods) when you export to another VAT registered company in the EU as VAT is not charged on these exports. So he goods arrive VAT free in Spain. When you sell, you charge VAT and hand it over to the Spanish VATman, less your inputs.





Like 0      
09 Nov 2010 8:12 PM by ayrez Star rating in La Marina Oasis. 379 posts Send private message

Hi

The best thing you can do is check the HMRC website or ring  the VAT advice line in UK  on 0845 010 9000 and they can advise you.

I believe that a UK VAT  regd company will  not charge output tax on supply of goods to businesses  that are registered for VAT within another country in the  EU. 

You will be asked to  supply details of  your Spanish VAT registration before your supplier will supply VAT free.

Jean





Like 0      
22 Dec 2010 11:24 AM by Murisha Star rating. 12 posts Send private message

I appreciate the idea of GuyT. However have you thought of dropshipping? Im not sure if it works on Spain but in US it does.





Like 0      
22 Dec 2010 5:35 PM by connas007 Star rating. 43 posts Send private message

 

 this and more on hmrc website
 
 
Zero-rating VAT for international trade
Conditions for zero-rating VAT within the EU
If you fail to meet the conditions for zero-rating goods, then you must account for VAT at the appropriate UK rate.
The conditions are:
·                     you show your customer's full European Community (EC) VAT number - including country code - on your sales invoice, see the page in this guide on how VAT zero rating works for goods and services within the EU
·                     the goods are physically delivered to a destination in another European Union (EU) member state
·                     you obtain and keep valid commercial evidence that the goods have been removed from the UK within three months of the time of supply - or six months if the goods are involved in processing or incorporation before their removal
When it comes to the supply of services to other member states, conditions differ on how to account for and when to zero-rate VAT. The correct VAT treatment will depend on several factors, including whether or not you are selling to a VAT-registered business (known as 'business to business' or B2B selling) or to a consumer ('business to customer' - B2C selling), the type of service or services you are supplying, the place or places of belonging of supplier and customer.
The general rule is that:
·                     B2B supply of services is subject to VAT in the country in which the customer belongs
·                     B2C supply of most services is liable to VAT in the supplier's country
·                     certain services require particular VAT treatment - eg for services relating to land and property, you must account for VAT in the country in which the land is located
Evidence of removal
You must obtain a combination of the following documents as clear evidence that supply has taken place and the goods have been removed from the UK:
·                     customer order
·                     inter-company correspondence
·                     sales invoice
·                     advice note
·                     packing list
·                     carrier's transport documents
·                     details of insurance or freight charges
·                     bank statements as evidence of payment
·                     receipted copy of the consignment note
·                     any other documents you would normally obtain in the course of your business with customers in other EU countries
Photocopied transport documents are not normally acceptable as evidence of removal.
Documents you use as proof of removal must clearly identify:
·                     the supplier
·                     the consignor, if different from the supplier
·                     the customer
·                     an accurate description of the goods
·                     an accurate value
·                     the mode of transport and route
·                     the EU destination
Time limits
Goods must be removed from the UK within three months of the time of supply (the 'tax point'). The time of supply for goods removed to another EU country is the earlier of either the 15th of the month following the one in which you sent the goods to your customer - or your customer took them away - or the date you issue a VAT invoice for the supply.
You must also obtain and provide the required evidence of removal within that same time period.
An extension to six months is allowed for goods sent for processing or incorporation.
Reporting removals of zero-rated goods and services
Any goods removed within the EU must be reported.
·                     For all removals of goods and most services to other VAT-registered businesses within the EU, you must furnish an ESL. Different deadlines apply depending on whether you submit ESLs only for goods or services, or goods and services. For information on providing an EC sales list, see our guide on Intrastat return and the EC sales list.
·                     You also need to state the total of all removals made in Box 8 of your VAT return. For more information, see our guide on how to complete your VAT Return box-by-box.
·                     For details of whether or not you need to make supplementary declarations, and what they need to contain, see our guide on Supplementary Declarations for Intrastat.
 
 
 




Like 0      
18 Jan 2011 4:42 PM by trendytots Star rating. 12 posts Send private message

Thanks to everyone for their replies. My problem however is how to account for these purchases in Spain. In England you just need to make a double entry on your Vat return, at the rate applicable in England, but  my accountant here has told me that I need to pay over 22% but can only claim back 18%. Has anyone heard of this.





Like 0      

Pages: 1 |

Post reply    Start new thread


Previous Threads

Granada, Malaga, Antequera Triangle; link wanted for good animal rescue centre. - 7 posts
English speaking gestoria in Antequera area - 0 posts
Visit to Granada - 4 posts
Burning your rubbish in the countryside ! - 3 posts
Window Cleaners Mijas Golf - 3 posts
balcony infill - 9 posts
Costa del Sol Tourist Board welcomes fall in British tourist numbers - Does it mean Brits are no longer welcome in Spain? - 1 posts
Boring !!!! - 17 posts
anyone have ground floor apartment in Garden 5 iavailable to rent for a week in August 2011 - 1 posts
Suzuki Liana 1.6GL English Plate 55Reg - 0 posts
capital gains tax - inflation index - 7 posts
Escorted Visits to Cordoba, Seville and Granada? - 1 posts
Air Con Meters / Electric Meters - 4 posts
anyone book car trawler through fromnt page on EOS website - 6 posts
Seat Alhambra for sale - 2 posts
Family Book Refusal - 5 posts
moving abroad - 7 posts
birds nesting behind air con unit - 1 posts
hi everyone on EOS - 4 posts
Watch BBC iPlayer in Spain without VPN - 24 posts
Best freesat postcode. - 12 posts
Spanish among British - 1 posts
changing from UK Tv back to spanish freeview - 4 posts
Community Satellite / TV Service requirements - 1 posts
For those who rent our their properties for holidays - 13 posts

Number of posts in this thread: 6

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 |
Our Weekly Email Digest
Name:
Email:


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x