Neelam2023

Hello, We have recently changed our bank and opened an business account with Wise. The new account details for VAT were then changed online using the HMRC web portal. Yesterday, we received a VAT repayment for the latest VAT return submitted, but Wise blocked the transaction, requesting proof of funds. Sent them screenshots from HMRC portal and they still are requesting more documentation. The money is in the Wise account, but they have now frozen the account, until they verify the extra documentation submitted - which are bank statements. Wise said that if for whatever reason the documentation is not accepted by them, the money will be returned to sender, in this case to HMRC. When and if this happens, will it return to HMRC account portal as a credit and then am I able to initiate the transfer to bank account, using new bank account details? I am in the process of open another bank account for the company, this time with a proper bank. Also, what evidence can I provide Wise that this payment is genuine from HMRC? Thanks

Hello, I know the rules surrounding selling goods on marketplaces, where the marketplace has to account for sales on their VAT return for the sales of your goods, and you can reclaim the VAT associated with the costs of those goods (stock) and other expenses, and you do not account for those sales, on your own VAT return. However, what about when you sell services or digital products using marketplaces, such as web design services or ebooks on marketplaces? We sell ebooks on Amazon and sell digital services on Fiverr, Upwork and other marketplaces. Do the same rules apply? Thank you

I am completing my VAT return and most transactions are reverse charge, as we purchase services from abroad. I would please like to have some clarity. Box 1 is around 20% less than figures in box 6 - is this due to the reverse charge transactions? We also have normal, non-reverse charge transactions on the VAT return. I know how the reverse charge works, but I just want to get some clarity on how the figures should appear in the boxes. We use an accounting software that calculates everything in the boxes automatically when we enter both expenses and sales, we don't edit the actual boxes ourselves, it's all done by the software. Thanks