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VAT Postings for EU purchase post Brexit

  • Student
  • 1 post
  • # 119811

Hi,

If we purchase goods from the EU for re-sale am I right in assuming that the purchase of the goods should be posted to VAT Code 8 "EC Standard Purchases" and the VAT only invoice we receive from the freight company should be posted to VAT Code 1 "Standard Purchases" ????

Or has this all changed now?

Any advice would be greatly appreciated.

Many thanks Smile

  • Member PM.Dip
  • Practice Licence
  • 1 post
  • # 119841

Andrea Wrench said:

Hi,

If we purchase goods from the EU for re-sale am I right in assuming that the purchase of the goods should be posted to VAT Code 8 "EC Standard Purchases" and the VAT only invoice we receive from the freight company should be posted to VAT Code 1 "Standard Purchases" ????

Or has this all changed now?

Any advice would be greatly appreciated.

Many thanks Smile


Hi Angela

You may find the following url helpful:

https://www.gov.uk/guidance/vat-and-overseas-goods-sold-directly-to-customers-in-the-uk#overview

Best wishes

Donna

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