VAT Fees - Please can someone confirm my assumption
Since the change of the 1st August 2024 we are preparing to submit our first VAT return since Amazon started charging VAT on their services. Looking at the (many) PDFs that we have in our tax document library it would appear that there are no services exempt from this.
Xero automatically imports all merchant fees for us at the same time as it imports our sales. Just before I blanket recode these from Reverse Charge Applies transactions to 20% VAT on Expenses from this date, and across the board, please can someone just confirm that (by your understanding at least) there are no fees that are still VAT exempt? It certainly seems to be the case but I would appreciate someone giving me the nod that my assumption is likely correct and that I haven't missed anything.
Even with this change I was expecting the fees on sales on EU marketplaces to be still billed in their respective countries but even these seem to be being billed locally with a UK VAT number and at 20% VAT.
It all seems a bit too conveniently clean to seem true :-)
Thanks in advance
VAT Fees - Please can someone confirm my assumption
Since the change of the 1st August 2024 we are preparing to submit our first VAT return since Amazon started charging VAT on their services. Looking at the (many) PDFs that we have in our tax document library it would appear that there are no services exempt from this.
Xero automatically imports all merchant fees for us at the same time as it imports our sales. Just before I blanket recode these from Reverse Charge Applies transactions to 20% VAT on Expenses from this date, and across the board, please can someone just confirm that (by your understanding at least) there are no fees that are still VAT exempt? It certainly seems to be the case but I would appreciate someone giving me the nod that my assumption is likely correct and that I haven't missed anything.
Even with this change I was expecting the fees on sales on EU marketplaces to be still billed in their respective countries but even these seem to be being billed locally with a UK VAT number and at 20% VAT.
It all seems a bit too conveniently clean to seem true :-)
Thanks in advance