3/20/2023 0 Comments Collecting taxes majesty 2![]() B2B sellers can get an exemption if the customer is VAT registered and supplies their VAT registration number to the seller. Will my business be affected by the new UK VAT tax scheme?Īnyone selling low-value orders (£135 or lower) into the UK, including online marketplaces and B2B sales, will be responsible for collecting, accounting, and remitting the VAT. To continue selling goods to the UK, you will need to have the items mentioned above squared away. The Brexit transition period ends on December 31, 2020. The end of this period is the start of new agreements and the start of the UK controlling its own borders and trade laws. The Brexit transition is the period agreed to by the EU and UK where the UK is no longer a member of the EU but is still subject to the EU trade rules. ![]() ![]() What is the Brexit transition period, and when does it end? After all, you should be focused on running your business, not thinking about international tax laws. In this blog, you will learn everything you need to know about the upcoming changes to the UK VAT scheme and how Zonos makes it easy to manage your international tax remittance. If you are selling into the UK and not prepared for the changes, you will likely face penalties and fines, and still need to pay taxes owed to the UK, whether you collected them from customers or not. Register for a VAT number with Her Majesty’s Revenue and Customs (HMRC).This means that every merchant that sells even a single item into the UK will be required to: There is no sales threshold like in other countries with similar schemes. ![]() On January 1, 2021, the UK will be implementing a new VAT scheme, which will apply to any business that sells products into the UK. With the end of the Brexit transition period upon us, many merchants are scrambling to make sure they are prepared to continue selling goods into the UK without any issues. ![]()
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