After an initial shock and me threatening to resign we have found out what an arse the UK tax situation is.
As a UK registered company, performing work to a client abroad, I have to raise an invoice to the UK agent, who then pays me in USD into my UK bank acccount.
I have to charege VaT on the Invoice.
I then pay this each quarter to the Inland Revenue.
The agent then has to claim this back from the Inland Revenue.
Of ocurse thgere is a delay in this repayment , so there is a cashflow benefit to the tax office.
Basically, a round robin which is delayed to give the tax man some inetrest revenue!!!
How rediculous is that and time wasting and jobs for the boys!!
The bottom line is no cost to mje so my panic is over!!!
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