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International finance in plain English!
Copyright © FreeAgent Central Ltd, 2012
Who am I?
Copyright © FreeAgent Central Ltd, 2012
Who are you?
Copyright © FreeAgent Central Ltd, 2012
Zero-rated
Rate of UK
VAT = 0%
Copyright © FreeAgent Central Ltd, 2012
Out of scopeUK VAT
does not apply
Copyright © FreeAgent Central Ltd, 2012
Sell goods to EUZero-rated if: VAT VAT
numbernumber
Copyright © FreeAgent Central Ltd, 2012
Sell goods to EUUK VAT if: I’m not a I’m not a
businessbusiness
My My business is business is not VAT-not VAT-
registeredregistered
or
Copyright © FreeAgent Central Ltd, 2012
Sell goods to EU
EU VAT?Distance sales limits at
http://www.tmf-vat.com/vat/distance-selling-eu-vat-thresholds.html
e.g. Ireland €35,000
Copyright © FreeAgent Central Ltd, 2012
Sell goods outside EU
Zero-rated if:
< 3 months
Copyright © FreeAgent Central Ltd, 2012
Buy goods from EU
- Boxes 2 (and 4) - Boxes 7 and 9
Copyright © FreeAgent Central Ltd, 2012
Buy goods outside EU
- Box 4 - Box 7
Copyright © FreeAgent Central Ltd, 2012
Sell services overseas
=
=
Copyright © FreeAgent Central Ltd, 2012
Sell services overseas
=
Out of scope of UK VAT
Local VAT may apply
http://www.tmf-vat.com/vat/eu-vat-rates.htmlCopyright © FreeAgent Central Ltd,
2012
Sell services overseas
= xOut of scope
of UK VAT
http://www.tmf-vat.com/global-vat.html
Local VAT may apply
Copyright © FreeAgent Central Ltd, 2012
Sell services overseas
=
UK VAT
Copyright © FreeAgent Central Ltd, 2012
Sell services overseas
=
Check business status if supplied electronically
http://ec.europa.eu/taxation_customs/vies/vieshome.do
Copyright © FreeAgent Central Ltd, 2012
Buy services overseas
1) VAT output tax: full value x 1/62) Boxes 1 and 43) Full value into boxes 6 and 7?
Copyright © FreeAgent Central Ltd, 2012
Foreign currency
Copyright © FreeAgent Central Ltd, 2012
Currency invoices
Net and VAT
= ?Copyright © FreeAgent Central Ltd,
2012
Taking payment
Copyright © FreeAgent Central Ltd, 2012
Making payment
?Copyright © FreeAgent Central Ltd,
2012
Currency example
€1 = £0.870 30/09/2012
€1,000 = £870
€1 = £0.876 31/10/2012
€1,000 = £876
Copyright © FreeAgent Central Ltd, 2012
Useful tools
www.oanda.com
Copyright © FreeAgent Central Ltd, 2012
International finance in plain English.
Thank you!
Copyright © FreeAgent Central Ltd, 2012
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