International Sales using Global VAT Scheme

International Sales using Global VAT Scheme

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Morning all,

Could someone clarify for me how to deal with international sales (US for example) under the global accounting scheme (second hand goods etc)?

My question is, which I cant see clearly from HMRC guidance, is that if you sell an item to US and therefore outside the scope of UK VAT, presumably there is no VAT to pay on the margin? Does this mean then I need to ascertain the purchase cost and remove/adj that (as it would probably have previously been included in the calcs for global scheme) from the gloabl scheme calc for each item? If so, due to quantity of sales this could prove hard work!

Hope you great people can clarify for me.

Regards

Rhu

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chips_at_mattersey
By Les Howard
29th Mar 2012 10:45

Export sale

Your sale to a place outside the EU is zero rated, subject to obtaining sufficient evidence of exportation. You should check Notice 703, chapter 3 for more details.

The Global Accounting Scheme will not apply to that item, which can then be excluded from the value of purchases.

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