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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Hello, We are a startup UK company in London and we will

Customer Question

Hello,

We are a startup UK company in London and we will be selling digital goods through our website. We recently signed up with a company/publisher from France who will act as our supplier. They are digital supplier and no physical shipping is included.

Now, before we start doing business with them, we need to pay a setup fee to them which is not a problem. Amount is approx 4k GBP.

What we are looking for is that before we send the money to them through bank transfer to France, do we need to file or submit any kind of form? Are there any legal procedures which we need to follow before we send them the money?

I am looking forward to hear from you. Thank you very much.

Best Regards.
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

There have been no exchange controls in the UK for almost 35 years so there are no government forms you need to complete and submit before you make the transfer.

All you need to do is your due diligence, ie try to check that the French company you intend to do business with is genuine and trustworthy.

I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 3 years ago.

There was another paragraph in my answer which I appear to have inadvertantly deleted before I posted my answer so here it is:

You might have a lawyer look over any agreement you have with the French company for an independent view as to what you are signing up for, the positives and the negatives. Of course, you may have done this already. If the company is VAT registered in France, you should be able to check that the number shown on their invoices is genuine by using the the checker here.