VAT EU purchases (acquisitions)
blackburn
Registered Posts: 1
Could anyone please help with the bookkeeping entries for a purchase of goods from another EU country. I understand the point that the goods will be zero rated and that the UK business effectively charges themselves VAT and then reclaims the VAT. Hence the figure for EU acquisitions in the VAT Control account being the same. However, what would be the double entry bookkeeping entries for this transaction? Many thanks
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