Transcript International Trade

12 February 2014
Liam Dushynsky
[email protected]
International
Trade - VAT
Agenda
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Selling to overseas customers
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Holding goods overseas
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Agency issues
www.francisclark.co.uk
Sending goods to customers in
other EC countries
Sales to VAT registered customers in other EC countries
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Obtain customer’s VAT number
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Check validity of VAT number
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Show VAT number on invoice including 2 digit country prefix
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The goods are sent to another EC member state
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Obtain and retain proof that the goods have been removed within time limits
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If the above conditions are met the sale is zero-rated known as dispatches
www.francisclark.co.uk
Sending goods to other customers in
other EC countries
reporting requirements
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VAT Return – reporting box 6 and 8
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EC Sales Lists
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Intrastats (2013 threshold - £250,000)
www.francisclark.co.uk
EC Trade – other issues
Triangular transactions
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Goods move from A to C
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Invoicing A to B and B to C
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Simplification when all parties registered for VAT
www.francisclark.co.uk
Sales of goods to other EC countries
Non-VAT registered customers
Distance Selling
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Sales to non-VAT registered customers
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Distance selling rules could require registration in other EC
countries
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Apply where goods sent from UK to EC country
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Record distance sales to each Member State
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Threshold either €35,000 or €100,000 (or own currency equivalent)
www.francisclark.co.uk
Sending goods outside EC
Direct exports
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Zero rated as exports as long as criteria met
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Goods sent outside EC
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Proof obtained that goods removed
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Goods removed within 3 months or 6 months where goods involved in
processing or incorporation prior to export
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Invoice should make country of delivery clear
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Delivery terms
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Include in box 6 on VAT return
www.francisclark.co.uk
Goods sent outside EC
Indirect exports
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Customer arranges collection of goods
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Zero rated as exports as long as criteria met (as for direct exports)
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Customer belongs overseas
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Recommend obtain deposit equivalent to VAT
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Include in box 6 on VAT return
www.francisclark.co.uk
Holding stock overseas
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VAT registration may be required for sales made in destination
country
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Some countries may have special procedures
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UK issues
www.francisclark.co.uk
Agency Issues
www.francisclark.co.uk
South Devon Export Network
12 February 2014
Export Events Diary
Steve Southcott MIEx
International Trade Adviser
UK Trade & Investment
Tel: 07880 722921
[email protected]
A World Leading Supplier of Propellers and Sterngear
A Complete propeller and stern-gear
manufacturer based in Newton Abbot
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The largest propeller and stern-gear
manufacturer in Europe
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Our Facility Includes
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Sales and engineering design department
Accounts and credit control department
Pattern-making and propeller mould making workshops
Bronze and steel foundry for castings
Various machine shops
Propeller Finishing shop
Fabricating and welding shop
Inspection & testing laboratory
Storage, Packing & despatch
department
What We Do
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Vessels We Supply
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How we got here
Our History
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Engineering by Mistake
The first years
1974 Started Teignbridge
1975 Persuaded to start a small bronze foundry
1976 Started to supply Marine Projects
1976 Started to supply
Birchwood Boats range
1977 Won large order from
Perkins Engines and
manufactured our
first propeller
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