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Post Info TOPIC: VAT Euro Expenses
morgwick


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VAT Euro Expenses
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Hi, I don't have many customers who deal with Euros and was wondering if someone could guide me on how to post expenses for VAT purposes.

I am using VT Transaction for recording transactions.

This client is a Limited Company. He travels to Europe and incurs expenses such as flights, taxis etc.

Do I convert the expense into sterling and post as normal in VT Transaction reclaiming the VAT at the UK rate?

As its not supply of goods from EU, do the expenses get included in Box 7 as normal on the VAT Return, or should they be shown in Box 8?

Thank you.

 



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Gill
Dinky


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I am sure someone will correct if I am wrong, but you can't claim VAT on foreign invoices unless you are registered for VAT in that particular country. It is generally not worth doing this but there are thresholds for each country and once these are reached then I believe registration is compulsory.

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Sue 
FoxAccountancyServices


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Posts: 2021
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Hi Gill

You would use the bank/credit card statements to work out the GBP paid, where possible. If paid cash, you can find the exchange rate for that day on xe.com.

You would post the expense so that it appears in box 7 but no VAT would be claimed. The items you mention are services, not goods imported, and that's why I understand they are not included in Box 9.

Hope this helps

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