A EU based parent company wants to supply call off stock to its UK subsidiary from October 2021.
Because the EU parent will just supply to the UK subsidiary this arrangement is called call off rather than selling on a consignment stock basis. That's what I interpreted from reading various articles today.
With new Brexit rules, my understanding is the EU company must register for VAT in the UK (but not have permanent establishment status). I think the stock must be held at the exporters warehouse not the customers. The sale should be declared as soon as the stock is delivered into the UK. Pre Brexit, the sale was declared when the stock was called off.
Main question I have are:
How frequent are exporters VAT reporting requirements to HMRC ?
Why would an exporter chose to do this?
What is the extra paperwork for returning stock?
What other paperwork needs to. Be submitted to HMRC, e.g any lists like the EU sales list?
How quickly do shippers send their invoice with insurance and Duty fee?
Slightly different question. If shipping in similar goods from non EU countries how long for the shipping invoice with insurance, duty etc come through. I assume in most cases the buyer pays shipping.
Finally should the customer VAT number always be quoted by the supplier?