Income Tax

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aclark
aclark Registered Posts: 10 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
Got a couple of questions I was wondering about to do with Income Tax.

If a VAT officer visits, do they need to view all invoices which you haven't claimed VAT back for as well? and if you are not a retailer, they also need to view those invoices for under £250?

Also, do all invoices to EU countries have to have VAT on them? I know you can put the customers VAT no. on it, but that still counts as VAT being on it right?

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  • deborahcarpenter
    deborahcarpenter Registered Posts: 161 Dedicated contributor 🦉
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    A VAT officer will probably just ask to see a couple of invoices. depends what the inspection is for. The last VAT inspection one of my clients had, the inspector asked for the last vat quarter reconcilliation report and picked out 3 or 4 invoices to look at.

    With regard to EU sales. It depends what country the sale is to and whether or not they are VAT registered. If the are VAT registered then VAT is charged and shown on the invoice at the normal rate If vatable sales are made to EU countrys then you have to submit EC Sales VAT returns on a quarterly basis as well as the normal Quarterly VAT returns.

    The EC VAT returns show country code, vat number and amount of VAT charged.

    I hope this helps.
    Deborah

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