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Understanding the VAT 100 + EC payments
Hi there,
We have recently moved from SAGE line 50 to NetSuite.
I have a query about the way that VAT from EC purchases is listed in Line 2 and Line 4 of the VAT 100 form.
Previously, if we had purchased £100000 of product from EC countries, then it did not require a VAT payment, although our old way of creating the VAT 100 form meant that £17500 was added to line 2 of the VAT 100 form, and also in Line 4 of the form. Overall the 2 cancel each other out, and we didnt owe any VAT, but it was used to show that we had done £100K of business with £17.5K of VAT that was not paid.
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