I am VAT Flat Rate registered in the UK and sell goods to EU countries. My prices are all inclusive of 20% VAT as i do not reach any distance threasholds. Can someone please confirm the best way to calculate my VAT to pay (7.5% Flat Rate) to HMRC and when the conversion takes place? Do i calculate my 7.5% of gross total before i convert to GBP or convert first then calculate the VAT? I hope that makes sense.
Many thanks in advance