Ad
related to: vat registration application exceptions and changes form
Search results
Results from the WOW.Com Content Network
A system change in the VAT procedure was proposed by the European Commission in two stages. The first stage came into effect on 1 January 2015 under the name Mini One-Stop Shop (MOSS), and related to telecommunications, radio and television services as well as electronically provided services to end customers.
VAT provides an incentive for businesses to register and keep invoices, and it does this in the form of zero-rated goods and VAT exemption on goods not resold. [13] Through registration, a business documents its purchases, making them eligible for a VAT credit.
VAT is generally charged at the border, at the same time as customs duty and uses the price determined by customs. [24] However, as a result of EU administrative VAT relief, an exception called Low Value Consignment Relief is allowed on low-value shipments. VAT paid on importation is treated as input VAT in the same way as domestic purchases.
The threshold as of 2024 is £90,000, [34] by far the highest VAT registration threshold in the world. [4] Businesses may choose to register even if their turnover is less than that amount. All registered businesses must charge VAT on the full sale price of the goods or services that they provide unless exempted or outside the VAT system.
A value-added tax identification number or VAT identification number (VATIN [1]) is an identifier used in many countries, including the countries of the European Union, for value-added tax purposes. In the EU, a VAT identification number can be verified online at the EU's official VIES [ 2 ] website.
The VAT Information Exchange System (VIES) is an electronic means of transmitting information relating to VAT registration (i.e., validity of VAT numbers) of companies registered in the European Union. EU law requires that, where goods or services are procured within the EU by a VAT taxpayer, VAT must be paid only in the member state where the ...
For this reason, a VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax (namely the seller rather than the consumer). To avoid double taxation on final ...
A trader whose turnover exceeds the registration thresholds, or is likely to exceed them in the next 12 months, must register for VAT. [76] The registration thresholds are as follows: [76] The basic threshold is €75,000 (provided no more than 10% of turnover comes from services and none of the other conditions below are met).
Ad
related to: vat registration application exceptions and changes form