I need clarification on tax obligations(EU - UK trade) on specific business operations:
There is a business in Bulgaria that sells shampoos, we agree on agent services with them, we place their shampoos on our website.
Then a customer from Italy orders those shampoos, we receive money to the UK account, then we take commission and transfer rest to Bulgarian business.
We are a middle party between Bulgaria and Italy, however, money is going through our accounts. We invoice customers in Italy for goods. And then the company in Bulgaria invoice us on the amount we owe them.
How to correctly account for VAT in this instance?
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Combined twenty years of accounting, analytical and project management experience (as qualified accountant) Enthusiastic, proactive and accomplished successful roles within the financial services sector.
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