G
GGN2001
- Original Poster
- #1
As a non-VAT registered sole trader buying/selling goods from/to another EU country, could I check how those transactions should be accounted for (the goods I sell are dispatched from the UK). My current thinking:
1) Buying from a private EU individual: No VAT is charged by the seller, and I simply record the purchase price as an expense;
2) Selling to a private EU individual: No VAT is charged by me, and the sale price is recorded as turnover;
3) Buying from a VAT registered EU business: Seller charges local VAT, and I record the total price simply as an expense;
4) Selling to a VAT registered EU business who does not provide their VAT number: Same as (2) - No VAT is charged by me, and the sale price is recorded as turnover;
5) Selling to a VAT registered EU business who provides their VAT number: Provision of VAT number is irrelevant - no VAT is charged by me, and turnover is recorded in the amount of the sale price.
Would this be the correct and complete accounting treatment?
1) Buying from a private EU individual: No VAT is charged by the seller, and I simply record the purchase price as an expense;
2) Selling to a private EU individual: No VAT is charged by me, and the sale price is recorded as turnover;
3) Buying from a VAT registered EU business: Seller charges local VAT, and I record the total price simply as an expense;
4) Selling to a VAT registered EU business who does not provide their VAT number: Same as (2) - No VAT is charged by me, and the sale price is recorded as turnover;
5) Selling to a VAT registered EU business who provides their VAT number: Provision of VAT number is irrelevant - no VAT is charged by me, and turnover is recorded in the amount of the sale price.
Would this be the correct and complete accounting treatment?
