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Trading Overseas Online FAQs
- Is there any specific information
that I should get from my international customers when trading
electronically?
You should keep sufficient information that will enable
you to produce accounts and explain the transactions reflected
in those accounts.
- Are there differences that
I need to be aware of between trading with other European
countries and trading outside Europe?
For corporation and income tax purposes, there are no significant
differences.
- Do I have to pay VAT on goods
ordered from abroad?
The VAT paid on imports depends on whether the transaction
is inside or outside of the EU. If the company you are buying
from is registered for VAT in an EU country, then you will
need to pay the VAT in that particular country. However,
you will not need to pay VAT when the goods enter the UK,
as long as you can provide documentation to prove that the
VAT has been paid in the country of origin. If the company
you are buying from is outside the EU, then you will not
have to pay any VAT
- Do I have to pay customs or
duty on goods sourced from abroad?
Duty must be paid on all items imported into the United
Kingdom, including those bought via the Internet. The duty
is paid when the goods enter the country. If the goods are
couriered the duty can be paid by the courier company and
then charged back to your business. If they are delivered
directly through the postal system then you will have to
pay the duty when the goods are delivered to your premises
- Should I charge VAT on goods
sold abroad?
Again, this depends on whether or not the country you are
supplying the goods to is in the EU. If the goods are being
sold to a VAT registered company in the EU, then VAT should
not be charged. If the company is not registered then you
will need to charge VAT. It is not necessary to charge VAT
if the company is outside the EU
-
Does it matter in what currency
I deal with customers from overseas?
If you are dealing with customers from overseas, you may
wish to invoice, or you may be invoiced in, a different
currency from the currency of your accounts. Invoicing,
and receiving or making payments in currencies other than
the urrency of your accounts, including the Euro, may
give rise to exchange differences. These will normally
need to be recognised for tax purposes. It may be worth
getting a professional accountant’s help to deal
with any foreign exchange differences
Further
Information.
For more information on trading online, contact your local
UK online for business adviser by calling the Infoline on
0845 715 2000 or visit the webstie at www.ukonlineforbusiness.gov.uk
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