Good morning all,
The company I work for may have to register for EU VAT because we are selling to non-VAT registered people/businesses within the EU and I have a few questions thereon, after searching the VAT minefield online!:
1. If we register for EU VAT do we need to have an office presence too?
2. Once registered for VAT I have assumed that entries for sales overseas within Sage as follows:
a) We would add a tax code within Sage for EU VAT so that any invoices raised would calculate the VAT correctly (depending on which country we sell into)
b) I assume that the net values of sales would appear in box 6 of the return. (They wouldn't appear in box 8 as they are not classed as dispatches to EU VAT registered businesses)
c) We would have to do an adjustment when we run our UK VAT return via the "make adjustments" section in the VAT return module. This adjustment would remove the EU VAT from EU sales in box 1. A control account could be setup for each country we file a return in.
Thanks in advance