Hi I am currently struggling with the following VAT return and international transactions:-
1/ During the quarter the company made purchases both from Ireland and the USA, say gross value of £500 and £1,000 respectively. No VAT was incurred on the US transactions however invoices from Ireland attracted 21.5% VAT. How are these transactions recorded on the VAT Return, I take it that I will be unable to claim the 21.5% VAT?
2/ Sales were to a country which resides in the US for say 15,000. We only receive 85% of this as 15% is taken as commission. No VAT was charged on these invoices. How are these accounted for and presented on the VAT return.
3/ Finally we have transactions relating to Fedex for import tax of £475, where would these be reflected on the VAT return.
Item 1 the US purchase is not shown on the vat return because it doesn't attract vat.
The Irish purchase would be shown in box 9. You should also get an intrastat form from customs to tell them the amounts involved and the vat reg number of the Irish company. If you do a lot of transactions with Ireland there are specialist companies who can claim back the vat for, at a price. You cannot claim it back on the vat100. This also goes for any vat paid in Europe.
Item 2 again, because this was a transaction outside of the EU, there is no need to show it on the vat100.
Item 3. If you have paid tax to fedex you should have a customs certificate. Any vat charged on this certificate can be claimed back in the nprmal way on your vat100. Ensure you keep the certificate in a safe place for C & E Inspections.
If this is as clear as mud please pm me and we can try to speak about it.
