Selling a piece of machinery (car) to eu
Discussion
I'm selling a race car which is liable for VAT as i claimed the vat back at the start of the year. The buyer i have is from another EU country, with a vat registered company and wants to buy it VAT free as he is going to export it, i believe to Cyprus.
How do i go about invoicing it and making sure i am covered with no liability in the future for the vat fee?
How do i go about invoicing it and making sure i am covered with no liability in the future for the vat fee?
You'll need the VAT registration number of the company you are selling to, ideally on an official order for the vehicle.
Check the VAT registration number is valid here : http://ec.europa.eu/taxation_customs/vies/
You'll also then need proof of export to the company above (shipping waybill etc)
Basically the more paper trail you have the better, should you have a VAT inspection in the future
We do a lot of EU VAT trading and it's very simple, As long as their VAT number is legit, (check here): https://europa.eu/youreurope/business/vat-customs/check-number-vies/index_en.htm
You invoice as usual with VAT zero rated, T4 accounting code.
You'll have to declare the sale to HMRC via EC Sales List, usually before your next VAT return: https://www.gov.uk/guidance/vat-how-to-report-your...
Then on your next VAT return the sale goes in the relevant box
You invoice as usual with VAT zero rated, T4 accounting code.
You'll have to declare the sale to HMRC via EC Sales List, usually before your next VAT return: https://www.gov.uk/guidance/vat-how-to-report-your...
Then on your next VAT return the sale goes in the relevant box
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