UK authorities have issued guidance on cryptocurrencies. HMRC’s ‘tax on cryptoassets’ manual details how cryptoassets, including cryptocurrencies such as bitcoin and ethereum, are to be taxed. VAT on goods exchanged for cryptocurrency HMRC says that when goods or services are sold in exchange for a cryptocurrency, VAT will be due as per normal. The value […]
VAT is complex. Managing VAT compliance at a global level is exponentially more complex. But there’s more to it than that. VAT compliance is specialised. There are numerous rules and regulations and exceptions. Those regulations are constantly changing. You need to know when to register and when to file. You need to get the paperwork […]
Colombia’s tax authorities have issued a clarification on whether an online concert counts as a public performing arts performance and is thus eligible for a VAT exemption. The DIAN clarified that a virtual performance does not meet the criteria for the exemption. That’s because virtual performances don’t meet all the criteria for a public performance […]
Should you outsource your VAT compliance to multiple providers or is it better to choose a one stop shop for all your VAT compliance needs? To answer the question, let’s start by asking why you would be outsourcing your VAT compliance at all. The value of outsourcing your VAT compliance For many companies, outsourcing your […]
It’s easier than ever to incur VAT obligations, especially if you operate in multiple markets. If your business generates turnover in excess of the threshold set by your local tax authorities, you will need to account for VAT. Moreover, if you sell products or services in foreign markets, there’s an ever-increasing number of conditions under […]
VAT in a foreign country. Why would your business need to register? It’s much more likely than you might suppose. You don’t need to be a massive multinational company with branches around the world. Perhaps you sell goods online and ship them to customers in another country. Or maybe your business provides online services, like […]
Resident VAT registration is VAT in a country in which your company is based. Once you generate revenue past a certain threshold, your business will be required to register for VAT, in accordance with the specific regulations of the country in which you are based. On the other hand, non-resident VAT registration refers to VAT […]
VAT non-compliance risks severe penalties, even if it is accidental. There are a number of reasons why a business may not register for VAT, even if they have an obligation to do so. Digital services companies are especially at risk of VAT non-compliance. It’s very easy to supply digital services to customers around the world. […]
When should you register for VAT? In many cases, that’s not a difficult question to answer. Registering for VAT will often be a legal requirement in the country in which you are doing business. Most obviously, if your annual trade exceeds the threshold set by your local tax authorities, you are legally obliged to register […]
Not sure where to start when it comes to VAT Registration? If you have a VAT obligation, you’ll need to register for VAT in one or more countries. We outline everything you need to ensure full compliance. Where you have a VAT registration obligation That sounds obvious enough, but pinning down exactly where you need […]