Hi,
I use a vendor to sell assets. The vendor sells the product, charges VAT and then I get the payment (minus their 35% cut) in to my PayPal.
How do I record this? Because I am not charging VAT, they are, but it’s still a profit, correct? So do I get charged VAT again once I get paid?
Also, the vendor is in Europe but sells via the USD currency, so when I get paid I convert it in PayPal to GBP and then send it to my bank - is that okay?