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VAT - The Basics And Beyond - Joe Cox

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Joe Cox talks your obligations for EU VAT and as a seller and what can you do to stay compliant.

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VAT - The Basics And Beyond - Joe Cox

  1. 1. VAT: The basics and beyond What Ecommerce and Online businesses need to know about VAT Presented by: Joseph Cox ACCA
  2. 2. Who are we? • Accountants and business advisors • Based in London (Old Street) • Specialists in Ecommerce • Work with over 200 businesses
  3. 3. Who am I? • Joseph Cox • UK Charted Accountant • Amazon Seller (Since 2012) • My favourite tax is… VAT!
  4. 4. VAT: The biggest problem for accountants and ecommerce Why are we talking about VAT?
  5. 5. What makes VAT so confusing? • Distance Sales • Place of Supply • Upcoming Law Changes: MTD • Digital Services
  6. 6. VAT: The Basics What is VAT? • Value Added Tax • Tax on sales price (rather than profit!) • Introduced in 1973 and is the third largest source of government revenue • It is an indirect form of tax • It is regressive as poorer people spend a higher proportion of their disposable income on VAT than richer people
  7. 7. VAT: The basics • Currently 20% • E.g. Sales price = £10 + VAT then VAT = £2 • How do you calculate your VAT if you only know your selling price? E.g. Selling price is £10…How much of this is VAT?
  8. 8. VAT: The basics •Divide by 6! • E.g. Sales price = £10 10/6 = £1.67 £10 – £1.67 = £8.33 £8.33 * 20% = £1.67
  9. 9. VAT: The basics • How is VAT Calculated? • Input Tax (Sales) • Output Tax (Purchases) • Inputs – Outputs = Liability (or rebate!)
  10. 10. VAT: The basics • When do I need to register!? • Overseas businesses vs UK businesses • Voluntary registration • Distance Sales
  11. 11. VAT: The basics • How frequently do you need to file your VAT return? • When is VAT due? • How to pay VAT?
  12. 12. VAT: The basics • How to register? • When is VAT due? • How to pay VAT?
  13. 13. EU VAT: Basics • When to register? • Goods Stored (“Nexus”) • What are distance sales?
  14. 14. VAT Schemes What are the different schemes?
  15. 15. VAT: VAT Schemes • Standard Scheme • Flat Rate Scheme • Annual Scheme • Marginal Scheme
  16. 16. VAT: Standard Scheme • Input VAT minus Output VAT = VAT Liability (or asset!) • Benefits: + You get to reclaim VAT on purchases • Cons: - You lose 1/6th of your sales margin on marketplaces - It can be a headache to manage
  17. 17. VAT: Standard Scheme • Example: Sales of £83.33 plus £16.67 VAT (100/6 = £16.66) Purchases of £30 including VAT (30/6 = £5) £16.66 minus £5 = £11.66 due to HMRC
  18. 18. VAT: Flat Rate Scheme • You can join the scheme if your turnover is below £130,000 • You pay a percentage of your gross sales • Online retail percentage is 7.5% • First year get 1% discount
  19. 19. VAT: Flat Rate Scheme Example: £100 including VAT of Sales (Gross) £30 including VAT (cannot be reclaimed) £100 multiplied by 7.5% rate = £7.50 VAT due to HMRC
  20. 20. VAT: Beyond • Up coming law change: 1st April 2019 – Making Tax Digital • Zero Rated Goods: https://www.gov.uk/guidance/rates-of-vat-on- different-goods-and-services Ecommerce Examples: Coffee, Babywear, Safety Equipment • VAT for Drop Shippers – Place of Supply = No VAT
  21. 21. Questions? Find out more: EcommerceAccountants.co.uk/book-appointment

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