invoice help needed

zebstar · #1 (**permalink**) 09-05-2008, 12:41

hi all ,
i am thinking of starting up a new sole trader business , i have a contact supllier from outside the eu , he can supply me with second hand watches that need repairing but he is not a registered business, if he invioces me through paypal could i use his invioce as an official sales reciept for my new business , would this be satisfactory for the uk tax man please can someone advise me , kind regards

Kent Tiger · #2 (**permalink**) 09-05-2008, 17:02

Wouldn't have thought the Paypal invoice to be a problem. The point is to have an authentic document to prove where the money went, and for what.

Bear in mind that your watches might be subject to both Import Duty and VAT.

Fuzzy · #3 (**permalink**) 09-05-2008, 17:54

Paypal invoices are no problem

boxby · #4 (**permalink**) 10-05-2008, 09:53

Go and read the VAT Margin scheme (and global accounting scheme) re advice on selling secondhand items, if you think you're likely to end up VAT registered. I know that if you're buying secondhand in the UK then you can use these schemes and just pay VAT on your profits, so theoretically, this should extend to EC purchases too. But i'm not sure, you should read these leaflets though.