Difference between revisions of "How to deal with sales to EU countries and V.A.T. reporting"
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If you are selling goods to EU Countries then your customers need to be set up in a specific way: | If you are selling goods to EU Countries then your customers need to be set up in a specific way: | ||
*The [[How do I Add a New Country?|Country]] of the customer should be entered on the {{Tab|Invoicing}} Tab of the {{Menu|Customer Properties}}. | *The [[How do I Add a New Country?|Country]] of the customer should be entered on the {{Tab|Invoicing}} Tab of the {{Menu|Customer Properties}}. | ||
| − | *The EC member flag should however be set to {{DataValue|No}} unless the customer is V.A.T. Registered and has supplied their V.A.T. Number. | + | *The EC member flag should however be set to {{DataValue|No}} ''unless'' the customer is V.A.T. Registered and has supplied their V.A.T. Number. In that case you should record this V.A.T. Number in their account properties, in order for the V.A.T. return to correctly classify transactions involving this customer. |
The reason for this is that you only have to declare goods sold to EU countries if the customer is V.A.T. registered or you exceed the Distance Selling Threshold of that Country in a specific V.A.T Period or the previous three periods. | The reason for this is that you only have to declare goods sold to EU countries if the customer is V.A.T. registered or you exceed the Distance Selling Threshold of that Country in a specific V.A.T Period or the previous three periods. | ||
Revision as of 15:26, 7 December 2018
Summary
This article will explain how to deal with Sales to EU Countries and how this will affect V.A.T. Reporting and specifically V.A.T Box 8.
More Information
If you are selling goods to EU Countries then your customers need to be set up in a specific way:
- The Country of the customer should be entered on the [Invoicing] Tab of the " Customer Properties".
- The EC member flag should however be set to 'No' unless the customer is V.A.T. Registered and has supplied their V.A.T. Number. In that case you should record this V.A.T. Number in their account properties, in order for the V.A.T. return to correctly classify transactions involving this customer.
The reason for this is that you only have to declare goods sold to EU countries if the customer is V.A.T. registered or you exceed the Distance Selling Threshold of that Country in a specific V.A.T Period or the previous three periods.
 | See HERE for the HMRC explanation of Box 8 and what is to be entered. |
| See HERE for Distance Selling Thresholds for EU Countries. |
If you know or think you would exceed the threshold then please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page.
EC Sales Report
Go to " Systems/Accounts Reports & Settings Reports Accounts Report Generator".
- Enter 'EC' and press <Enter>.
- Select the 'EC Sales Report' and click [Start].
- Enter your date range and click [Start].
- Click [Print] or select to "View report as" 'Table'.
- Press <Ctrl+P> and select [Excel] to output the results into an Excel file.
- Click [Close] or press <Esc> to exit the report.
| If you do not have this report please Contact your Platinum dealer or our support team on 0116 230 1500 or by using our website support contact page. |
See also
- How do I Add a New Country?
- How do I Deal with Purchases from EU Countries and V.A.T. Reporting?
- How do I set up currency translation?
- Dealing with Currency Accounting in Platinum?
- How do I Reconcile Foreign Currency Accounts?
