I need professional Tax/Accounting Advice
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PPH TOP Website & App Developer✮LOGO & Graphic Designer✮Content Writer✮Translator
Dubai
Chartered Accountant- Book keeper - Financial & Tax Consutant - Certified Quickbooks & Xero Pro Advisor
Chandigarh
533272710779244824650982158230522748042709377274489228226082949529
Description
Experience Level: Expert
I need clarification on tax obligations(EU - UK trade) on specific business operations:
There is a business in Bulgaria that sells shampoos, we agree on agent services with them, we place their shampoos on our website.
Then a customer from Italy orders those shampoos, we receive money to the UK account, then we take commission and transfer rest to Bulgarian business.
We are a middle party between Bulgaria and Italy, however, money is going through our accounts. We invoice customers in Italy for goods. And then the company in Bulgaria invoice us on the amount we owe them.
How to correctly account for VAT in this instance?
We can arrange a call and discuss all relevant details, if necessary.
There is a business in Bulgaria that sells shampoos, we agree on agent services with them, we place their shampoos on our website.
Then a customer from Italy orders those shampoos, we receive money to the UK account, then we take commission and transfer rest to Bulgarian business.
We are a middle party between Bulgaria and Italy, however, money is going through our accounts. We invoice customers in Italy for goods. And then the company in Bulgaria invoice us on the amount we owe them.
How to correctly account for VAT in this instance?
We can arrange a call and discuss all relevant details, if necessary.
Sergey E.
100% (1)Projects Completed
2
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Last project
3 Aug 2019
United Kingdom
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