International VAT: Pitfalls and Developments Presented by Nancy Cruickshanks & Claire Taylor
Explore the complexities of international VAT with insights from Nancy Cruickshanks and Claire Taylor. Learn about common pitfalls, developments, and important considerations for cross-border transactions, digital services, and more.
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Presentation Transcript
International VAT International VAT Pitfalls and Developments Presented by: Nancy Cruickshanks, Shipleys LLP & Claire Taylor, Simply VAT
International VAT: Pitfalls and Developments International VAT: Pitfalls and Developments It s VAT but not as we know it. I relied on the freight agent. The VAT man comes to call What s new
International VAT: Pitfalls and Developments International VAT: Pitfalls and Developments It s VAT but not as we know it All my cross border transactions are with Overseas Businesses so they are VAT exempt correct? No! Consumers Land Events Withholdings
International VAT: Pitfalls and Developments International VAT: Pitfalls and Developments It s VAT but not as we know it if I m selling goods to overseas consumers I just worry about UK VAT correct? NO! Fulfilment centres e.g. Amazon (FBA) Distance Selling thresholds EUR 35,000 most EU countries; EUR 100,000 DE, Lux, NL UK - 70,0000
International VAT: Pitfalls and Developments International VAT: Pitfalls and Developments It s VAT but not as we know it B2C Digital Services VAT MOSS Since Jan 2015, VAT is accounted for where the customer is Reporting via VAT MOSS in local Member State E-Service Vs non E-Service
International VAT: Pitfalls and Developments International VAT: Pitfalls and Developments It s VAT but not as we know it Ignorance is bliss but only while it lasts Different VAT Rates in different EU member states Different VAT Registration rules e.g. Fiscal Reps for non-EU countries
International VAT: Pitfalls and International VAT: Pitfalls and Developments Developments I relied on the freight agent There s VAT on the bill from the freight agent I can claim that back can t I? Maybe not! UK Freight Imports UK EORI Number Box 8 of C88 C79 UK Import VAT Certificates
International VAT: Pitfalls and International VAT: Pitfalls and Developments Developments I relied on the freight agent The freight agent handled the export from the UK so I don t need to account for VAT on the sale or do I? Maybe! Distance Sales Time limits Documents/Evidence of export No removal from UK
International VAT: Pitfalls and International VAT: Pitfalls and Developments Developments The VAT man comes to call The last time we had a VAT inspection we got a clean bill of health so everything is fine isn t it? Maybe! Inspection not an audit New laws New activities
International VAT: Pitfalls and International VAT: Pitfalls and Developments Developments Recent developments Brexit Business as usual Hope for the best plan for the worst Greater reliance on freight agents Import VAT cashflow HMRC systems and staffing Foreign VAT
International VAT: Pitfalls and International VAT: Pitfalls and Developments Developments Other developments EU changes and Proposals Cross border rulings VAT Action Plan UK Changes and Proposals VAT Fraud Penalty Anti-avoidance Place of supply
Contact Details Contact Details Nancy Cruickshanks Claire Taylor Shipleys LLP Simply VAT E: vat@shipleys.com E: claire.taylor@simplyvat.com T: +44 (0) 20 73 12 65 26 T: +44 (0) 1273 634 594
