Paid in Euros, product from Ireland, what to do about VAT

UKSBD · Jun 1, 2010

I've just bought something from Ireland, gave them my VAT number so they didn't charge VAT, but have paid in Euros.

How do I account for this in my VAT return?

I know I just put in one box and claim back in another, but what ammount do I put in?

Is it best to just check with my bank to see what ammount was taken out in sterling and then enter that ammount?

TIA.

RobBellAutus · Jun 1, 2010

Hi there,
There are two pages I will direct you to on the HMRC website.
You obviously know you need to convert back into GBP for VAT purposes - you can use either a market rate, or the HMRC period rate - in my experience they don't get too concerned about it as long as it's reasonable.
This is explained at http://www.hmrc.gov.uk/vat/managing/international/foreign-currency.htm
See this for their rates if you wish to use them http://www.hmrc.gov.uk/vat/forms-rates/rates/rates-thresholds.htm#top

Hope this helps!
Rob

UKSBD · Jun 1, 2010

Thanks, another quick question,
They make no mention of intra-EC sales, or that it is subject to reverse charging, on the invoice, I thought this had to be included on the invoice for all cross border sales within EU?

Should I ask for a proper invoice or is it their problem if it is wrong?

RobBellAutus · Jun 1, 2010

I'm not sure about reverse charging, or a specific mention of intra-EC (which is already evident from the information on the invoice); names, addresses and VAT numbers are about sufficient (along with all the normal information re product, tariff numbers, values etc).
If the export documentation is wrong, then it's their issue - as long as you have done all you can on the import side.

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Paid in Euros, product from Ireland, what to do about VAT

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