Red.com V5.1 Betriebsanweisung PDF herunterladen (Seite 88)

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Big Red Book Accounts v5

Purchases from EU Countries

VAT is not charged on purchases from other EU countries when you supply your VAT Registered Number to

the vendor. . However, you are required to keep records of these purchases and record

Notional VAT

as if

the goods were purchased domestically. The example below shows the implications of this for your record

keeping.

Assume that you have purchased €200 of goods from Spain. Assume also that your domestic VAT rate for

these goods would be 21%.

The actual transaction that took place can be summarised as follows:

A. Total amount of purchase: €200

Total VAT Applicable 0

Net Purchases @ 0% 200

Net Purchases @ 21% 0

However, the record of the transaction you are required to keep is as follows:

B. Total amount of purchase: €200

Total VAT Applicable 42

Net Purchases @ 0% 0

Net Purchases @ 21% 200

When you select the VAT Type

'Other EU'

the Total for the Invoice does not include the VAT element. The

amount owed to the supplier is unchanged but the amount of Notional VAT is recorded for the VAT Reports

and is reported separately in the Purchases Book Vat Analysis reports.

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Red.com V5.1 Betriebsanweisung Seite 88