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Post Info TOPIC: Reverse VAT charge on iPhones
BD


Newbie

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Reverse VAT charge on iPhones
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Hi all

I am Head of Finance with an IT reseller. We have a client who is purchasing a number of iPhones (Value of order is above £5k). We have their PO and this includes VAT. We have purchased the goods from a regular supplier and their invoice excludes VAT with the narrative "Customer to pay output tax of £xxxx.xx to HMRC". So our client IS being charged VAT and we are NOT being charged VAT by our supplier. Is this correct?? If not, what should be happeneing. Thanks..confuse

 

 



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B
leshoward


Senior Member

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Posts: 292
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If you are buying the phones, you account for output tax at 20%, and then reclaim input tax.
BUT, this is a potentially difficult area, and you are strongly advised to seek top quality advice. I recommend Vincent Curley & Company ( www.vincentcurley.com/), as you are required to carry out a high level of 'due diligence' checks, etc.

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YLB-HO


Guru

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Posts: 715
Date:
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Hi BD,

Heres the link on everything you need to know:

www.gov.uk/government/publications/vat-notice-735-vat-reverse-charge-on-specified-goods-and-services/vat-notice-735-vat-reverse-charge-on-specified-goods-and-services






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Frauke
BKN Book-keeper of the year 2011
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