Anybody have an ideas of the VAT situation in UK/EU of BTC to GBP and vice versa?

I will ask the company's tax advisor if I went into it, but just wondering what the view of others are before, as I expect he will look blankly at me for a while...

My gut feeling is that exchanging GBP for BTP is selling (you give me money and I give you BTC codes), so VAT should be paid with VAT receipt. Buying BTC of UK/EU businesses would mean that have to charge VAT and provide a VAT receipt.

Any thoughts?