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Re: VAT/TAX on supplier Invoices

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Hi,

 

Customs duty invoice is not what I am after.

 

In the real world - you raise a purchase order e.g £100 net for a foreign supplier. Sometimes you are registered for vat/tax purposes in that country to recover VAT and sometimes you are not. In the instance where you are not - VAT is a real cost for the business i.e is reflected as a cost in the P&L as the VAT on purchases cannot be recovered.

 

Therefore, the VAT on the invoice needs to be booked into P&L and not VAT accounts. The same principle applies when raising a purchase order.

 

Jay


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