SimplyVAT29.11.2018

On Thursday 18th October, Mark and Mary attended a national Chamber of Commerce event in London, as a guest of Brigid Hodgkinson of Northampton Chamber.

It was a thought-provoking occasion and among one of the interesting people that Mark was networking with was Romilly Blakeley from SimplyVAT. Mark felt that there would be synchronicity between our companies and also much interesting information to share with our readers. Romilly has kindly provided an insight into the company:

SimplyVAT provide international VAT services in all 28 EU countries as well as Canada, Australia, Japan and other territories where local laws prevail. The aim is to make VAT as simple as possible for our clients.

We offer a fully managed service whilst our clients can focus on their core businesses and stay compliant.

All clients receive a personal dedicated account manager to build long standing relationships; working alongside them to provide advice on the best growth strategy for their business. They are also offered the use of S-VAT, an intelligent software platform which allows sales data to be pulled and easily collated from multiple marketplaces and sales channels. Clients can easily monitor their distance selling thresholds, approve VAT returns and upload purchase and import documents for a one stop VAT portal.

For any companies that have international VAT obligations, SimplyVAT offer this advice:

Holding Stock – If a business holds stock in any EU country, they are obliged to register for VAT as their stock has become a taxable supply. For example, on the Amazon Pan-EU service, goods can be stored in 7 EU countries (UK, Germany, France, Italy, Spain, Poland or Czech Republic). This means the business will need 7 VAT registrations, 64 VAT returns, EC Sales lists documenting the movement of goods between fulfilment centres, monthly Control Statements in the Czech Republic, and monthly Polish SAF-T filings. Also, Intrastat declarations are required monthly in the country where their client surpasses set arrivals or dispatches thresholds (EU speak for intra-community imports and exports).

EU VAT Distance Selling Thresholds – The EU VAT distance selling rules state that VAT is accounted for in the departure country of the taxable supply until the distance selling thresholds are exceeded within a calendar year. Once exceeded, the seller will be required to VAT register in that country where they must report and pay VAT on sales in that specific country. The threshold in most EU countries is €35,000, except for Germany, Luxembourg and Netherlands where it is €100,000; and the UK where the distance selling threshold is £70,000.

Import VAT – If a seller registers as the importer of record and obtains a VAT number in the country of import, any import VAT paid can be reclaimed via the local VAT return.

To learn more about the company and its services, visit www.simplyVAT.com.