What is EC sales list used for?

EC Sales Lists are used when reporting the VAT on sales to the EU. The EC Sales List contains information on sales and transfers of goods and services to VAT registered companies in other EU countries, with EC standing for European Commission. EC Sales are reported by the calendar period and done on an accrual basis.

Also question is, what is EC Sales List in UK?

The EC sales list is a statement listing the total value of goods and services supplied by UK businesses to VAT-registered customers inside the European community (EC).

Secondly, is there a penalty for late filing of EC Sales List? Under section 66 of the VAT Act 1994, HMRC have the power to levy penalties on taxpayers where declarations are submitted late, and these can be £5/£10/£15 per day depending on whether this is the first second, third, or subsequent penalty within a 12 month period.

In this way, what is the difference between EC Sales List and Intrastat?

VAT registered businesses that supply goods and services may have to complete an EC Sales List (ESLs). The main difference between ESLs and Intrastat reporting is that the former looks at both goods and services whereas the latter solely looks at movement of goods with services being excluded.

What are EC acquisitions?

EC Acquisitions.

These codes are used for purchases of goods from suppliers based in EC. T7 – Zero rated purchases of goods from suppliers in EC. T8 – Standard rated purchases of goods from suppliers in EC. EC acquisitions (20%) – used for goods purchased from suppliers in EC.

Related Question Answers

What should be on EC sales list?

What should I include in an EC Sales List?

Details about your EU customer(s)
The value of goods and services you've supplied, in sterling.
Your customer's country code.

Do I need to submit EC sales list?

If you're sending goods to the EU, you only have to report with an EC Sales List if the receiving businesses are VAT registered. All sales of services to other businesses in the EU however, whether the business is VAT registered or not, must be reported on an EC Sales List.

Do you charge VAT on EC sales?

VAT is a tax on goods used in the UK and EU, so if goods are exported outside the UK and EU, you do not charge VAT. You can zero rate the sale, as long as you get and keep evidence of the export, and comply with all other laws. send the goods to your customer. get full payment for them.

Is EC sales list on cash basis?

Important Notes. EC Sales are reported by the calendar period, and done on an accrual basis.

How do I submit VAT to HMRC?

Submit your VAT Return online

Getting online. If you need:
HMRC 's free online service. Sign in to your VAT online account and complete your VAT Return.
Using accounting software. Most accounting software lets you submit your VAT Return to HMRC directly.
Using accountants or agents.
Help with online services.

What is a VAT 101 report?

The EC Sales List, or VAT 101 report - only shows the value per country for the period chosen. You'd likely be better to select either a VAT Detail report, and then customize and filter by customer.

What goes on an Intrastat return?

Intrastat filings require details of all dispatches (sales) of goods to other EU countries, plus the arrivals (purchases). Description of the goods. Commodity code of the goods. Quantity and value of the goods.

What is the threshold for Intrastat?

Less than 460,000: simplified Intrastat (EC Sales listing). More than 200,000: monthly Intrastat (EC Purchase listing). More than 50,000: monthly intrastat (EC Sales listing). Less than 50,000: quarterly intrastat (EC Sales listing).

How do I fix Intrastat errors?

If, after submitting your Intrastat data, you discover an error or some information which is incorrect, you can correct the data using the online amendment form. Complete the online amendment return . This form contains only the mandatory fields and is suitable for past or current periods of data.

What is a supplementary declaration?

Guide. Intrastat Supplementary Declarations (SDs) are used to gather information that provides statistics for movements of goods within the European Union (EU). Import and export SDs are used for trading outside the EU.

Do you include carriage on Intrastat?

Do not include: commission, legal and financial services. insurance, freight and/or carriage (unless it is included with the cost of the goods) labour.

What does NoTC mean on Intrastat?

Transaction Code

What are EC acquisitions zero rated?

The tax rate "EC Acquisitions (Zero Rated)" is for goods from EU suppliers if the goods are zero rated for VAT if purchased in the UK. In both cases the EU supplier will be VAT registered in their country and not charging VAT on the bill.

What is EC VAT number?

Sometimes also known as a VAT registration number, this is the unique number that identifies a taxable person (business) or non-taxable legal entity that is registered for VAT. Check whether a VAT number is valid. Check how VAT number is called in national language of each EU country.

What is a zero rated expense?

Zero-rated expenses – When expenses are 'zero rated' this means that the goods are still VAT-able, but the rate of VAT is 0%. Most items that have no VAT (i.e. where the VAT amount on the bill is £0.00) will be classed as zero-rated expenses.

Are wages VAT exempt?

The following are the only items (per HMRC) that should not be included in box 7 of your VAT return: wages and salaries. PAYE and National Insurance contributions. income which is outside the scope of VAT because it is not consideration for a supply.

What VAT code is bank charges?

Bank charges and interest paid are classed as being VAT exempt. Therefore, you should post your transaction using the exempt tax code, by default T2. If you want to enter interest paid, you can post this as account charges, using the bank interest paid nominal code, 7900.