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Essential VAT rules every online business owner should know

29 Oct Posted in Family

In case you have an online business, you might have already heard that there are some changes in the content of the EU VAT laws, and they would definitely influence you. The majority of people consider that the law would not affect them, because no one if able to check the actions they are taking as long as they stay online. Actually, many people do not know what these rules imply, and this is why they do not know what it takes to follow them. So, if you are interested in finding out more details about the EU VAT Rules, you should take some time and do online research, because there are plenty of directories which list articles that have in view this subject.

Are you affected by the VAT rules?

The first thing to be considered is the type of services or goods you are selling or plan to sell. They might be all digital goods, but some of them require VAT and other do not. For example, the new rules state that VAT would not affect you if you are selling hard goods, but this does not mean that in the future it might not happen, so you have to always stay in touch with the changes. In case you are an affiliate, you are not affected by the VAT rules, or in case, you sell your products exclusively to another firm.

Is there any different between VAT and sales tax?

These two terms are related, because both of them are sources of revenue for governments and they are based on consumers’ consumption.  But they are quite different because they entail different processes and rules. Depending on the region, the sales taxes are charged at every one of the points from the supply chain, and not at the final point of sale. The end user is the one who would pay the same amount of tax, not matter if it is named sales tax or VAT, but the documentation and processes for doing this differ from the one to the other.

How do you get VAT right?

Depending on the country where you are located, the process might differ and in some cases, it might even be complex. Because your business is mainly based in online medium you have to know which specific countries you are selling your goods and see if there are some specific requirements there. But there are also some precise steps you have to take when you want to register and file your VAT returns. The first step you have to follow is registering for it, and make sure that you charge the correct amount of VAT to your customers at the checkout. In addition, you have to be sure that you pay the VAT to the HMRC or to the institution responsible for collecting the taxes in your country. Other important step is to submit the returns by the due date and to keep a record of them and an updated account. For any further information, you should check a specialized website.

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