Invoice from Portugal
student40
Registered Posts: 10 New contributor 🐸
Maybe I did not explained myself well enough
I need to know how I have to treat an invoice from Portugal as they have 23% VAT.
As far as I understand from business link is I have to convert the whole amount of the service into sterling and then calculate our UK VAT, as I need to pay for the whole amount.
This is what businesslink says:
"You calculate the amount of VAT - output tax - on the full value of the services supplied to you"
"Value of services from other countries
The amount of VAT payable of any service from another country is the same as the amount of VAT that would be paid if the service were supplied to you by a UK supplier for the same net amount. You must account for the value of the services in sterling, so you must convert their value into sterling if the services were priced in any other currency."
I need to know how I have to treat an invoice from Portugal as they have 23% VAT.
As far as I understand from business link is I have to convert the whole amount of the service into sterling and then calculate our UK VAT, as I need to pay for the whole amount.
This is what businesslink says:
"You calculate the amount of VAT - output tax - on the full value of the services supplied to you"
"Value of services from other countries
The amount of VAT payable of any service from another country is the same as the amount of VAT that would be paid if the service were supplied to you by a UK supplier for the same net amount. You must account for the value of the services in sterling, so you must convert their value into sterling if the services were priced in any other currency."
0
Comments
-
Boxes 2 & 4 of vat return..?
http://www.hmrc.gov.uk/vat/managing/returns-accounts/completing-returns.htm
Its my understanding that you calculate the vat on the whole amount converted into £( ie 1/6 of total £) then enter the figure in box two of vat return and then box 4 to reclaim it..0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 323 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 93 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership