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UK VAT Setup for Buying and Export
01-28-2016, 09:07 AM
Post: #1
UK VAT Setup for Buying and Export
Hi,

Sorry for posting multiple questions on the forum.

I am trying to understand how the tax setup would work for below business type.

1. I buy goods from UK/EU for which I pay VAT.
(When I buy in UK, I pay 20%, but when I buy from EU countries, I pay the VAT in UK while filing return, and claim it back in same return, effectively netting it off)

2. I sell same goods outside UK/EU, for which I don't collect VAT.

When I have to file VAT return, I need to be able to see what all purchases I paid VAT and get a report to claim total amount back.

Any help would be very useful...

Thanks in advance
GJ
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