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Islandgirl


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Foreign Sales help
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Hi,

Sorry launching in without an introduction for now (but very pleased to have found this site!)

I have a client who has just set up a business whereby he offers consultancy/valuation services on large industrial plant and receives commission on the actual point of sale.

I have a couple of questions on accounting for VAT and such like.

Firstly,  trips within the EU where expenses such as travel and accomodation are incurred.  Should I record these costs with T7/T8 EU applicable transactions so these purchases are captured in Box 9 of the VAT return-  although obviously there will be no recoverable VAT due and I don't think the sums involved will be worth registering in other countries.

On the sales sides I believe the majority of these sales will be to non-EU countries.
For example the first sale was to a company in Cameroon.  Here the invoice raised was in GBP and included a 15% local withholding tax.  So that £11,764.71 was invoiced with £1,764.71 identified as tax @ 15% so that £10,000 was the actual amount paid. 

So would I just book this sale as £10,000 with a T9 (non-UK relevant) VAT code?  So it does not appear anywhere on the VAT form?

Thanks for any help!

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Islandgirl


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-- Edited by Islandgirl on Monday 21st of June 2010 09:27:18 AM

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Islandgirl


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Anybody????

Or a T0 code so the sales value is captured but excluding any VAT???

Help!

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