- Can I claim back VAT on imports from China?
- How do I claim VAT on imported goods?
- What are EC purchases?
- Do I need to do an EC Sales List?
- How do I submit an EC Sales List?
- Do I charge VAT for services to EU countries?
- What are the VAT codes?
- Do I need to pay VAT on imports?
- What are EC acquisitions zero rated?
- What is EC acquisition tax?
- What is EC service?
- What is a zero rated expense?
Can I claim back VAT on imports from China?
When importing from China, importers must pay VAT on top of the total sum of the Customs Value and the Import Duty.
If you’re VAT registered, you must pay the VAT, but you can claim it back through your standard VAT return.
You’ll usually receive a C79 certificate from HMRC to prove you’ve paid import VAT..
How do I claim VAT on imported goods?
You can reclaim the VAT paid on the goods you’ve imported as input tax. You will need the import VAT certificate (form C79) to show that you’ve paid the import VAT. A shipping or forwarding agent cannot usually reclaim this input tax because the goods were not imported to be used in part of their business.
What are EC purchases?
EC Goods are tangible physical goods that are either bought from suppliers or sold to customers outside the UK, but in the wider EU. EC stands for European Commission. EC Goods are important for businesses that are registered for UK VAT.
Do I need to do an EC Sales List?
You’ll need to complete an EC Sales List when: You supply goods to VAT-registered business in other EC countries, even if you haven’t invoiced them (unless they’re samples for VAT purposes).
How do I submit an EC Sales List?
Use EC Sales List. You must register and enrol for HMRC online services. When you have registered and enrolled, sign in to EC Sales List using your user ID and password. Choose ECSL from the list of services displayed, then select the web form option.
Do I charge VAT for services to EU countries?
If you provide services to customers outside the EU, you usually do not charge VAT. However, if the service is used in another EU country, that country can decide to charge the VAT. You may still deduct the VAT that you paid on related expenses, such as for goods or services purchased specifically to make those sales.
What are the VAT codes?
Simply put, VAT codes identify how much VAT should be paid on different goods and services. The codes are usually composed of a percentage and one or two letters but may appear differently depending on whether it’s used on the sales form or purchase form.
Do I need to pay VAT on imports?
If goods and services are purchased from abroad, VAT is applicable. Most of the goods and services consumed in the UAE are imported; most come from Europe and Asia, while a few come from other GCC countries.
What are EC acquisitions zero rated?
EC acquisitions (Zero Rated) used for purchases made from suppliers in EC. ECG – 20% Intra EU B2B purchase of goods. Reverse Charge expenses. These codes are used when you must account for VAT on services that you buy from businesses who are based outside the UK.
What is EC acquisition tax?
Purchase of Goods from EU business (VAT registered) VAT on purchase of EU goods is charged as if you had bought the goods in the UK from a UK supplier. This means it is charged at the UK rate of 20% in sterling. HMRC publishes an exchange rate if you need to make a calculation, or you can use the published daily rate.
What is EC service?
EC Services are services that a UK business supplies to customers in the wider EU, outside the UK. The same term might also be used for services that a UK business buys in from the wider EU. EC stands for the European Commission.
What is a zero rated expense?
Zero-rated expenses – When expenses are ‘zero rated’ this means that the goods are still VAT-able, but the rate of VAT is 0%. Most items that have no VAT (i.e. where the VAT amount on the bill is £0.00) will be classed as zero-rated expenses.