VAT on Commingling Transactions
Good evening, could anybody advise how you account for the “Commingling” transactions please? I notice the VAT element of these is reported on the Monthly Summary report (on the income side and expense side… with a few pence difference). Do you just account for the VAT element ? I’m sure I read somewhere this has to be under “reverse charge” , if so how do you go about this?
Thanks in advance
VAT on Commingling Transactions
Good evening, could anybody advise how you account for the “Commingling” transactions please? I notice the VAT element of these is reported on the Monthly Summary report (on the income side and expense side… with a few pence difference). Do you just account for the VAT element ? I’m sure I read somewhere this has to be under “reverse charge” , if so how do you go about this?
Thanks in advance
3 replies
Seller_tRuvBEHDedp4q
Commingled items sold attract VAT just like any normal sale - so if you sell something at £12 then VAT is £2 (assuming the item is not zero rated)
Amazon fees on the sale does go under ‘reverse charge’ - but that applies on all their fees whether the product was commingled or not
