Hi, I have set up an iZettle merchant account and am entering the card fees they charged me for my first payment under suppliers. As they are EC VAT registered when I set them up (I bought a card reader from them). Do I keep the supplier settings the same - “VAT registered in another EC member state”?
I’m now entering the first lot of fees for a card transaction I took (I don’t recharge clients this, its just my the fee they charged me being entered) and it still shows the EC registered invoice entry. Will this be picked up in my VAT return? Should it be??
Hi @justbreve
It’s likely that you will need to reverse charge the VAT on their invoices. This is when you charge yourself the VAT and claim it back, so it will actually appear on your VAT return twice.
Some businesses add a statement on the invoice itself to show this, but not all companies add it. It’s also worth noting that they can only reverse charge it if you have provided them with your VAT number.
You can read more about handling this within QuickFile, here:
Learn more about the reverse charge
However, you may wish to clarify this with your own accountant (I’m not one).
I hope this helps, but please let us know if we can help further.