My accountant warned me that this is likely to happen to our company in the near future, but they couldn't really explain what that would mean in understandable terms, so now I need to know it what cases it's strictly necessary and maybe some experience sharing if anyone dealt with that.
Thank you.
How can businesses file a VAT return correctly in multiple countries?
byu/wewerboy intax
Posted by wewerboy
1 Comment
Hi mate. Bit of VAT experience working in a Top 10 based in the UK.
Depending on the countries you’re trading in, the VAT rules can be significantly varied.
In the UK, the threshold if you’re an entity based in the UK is £90,000. If you’re a company outside of the UK that is trading here, you would need to compulsorily register as soon as you intended to trade.
The general recommendation is to speak to a VAT specialist in each respective country. Some firms are part of international partnerships that will be able to link you with the respective countries and ease that administrative burden.
I know the costs will be steep, but fines incurred from filing incorrectly can be significantly more (penalties and interest on the owed balance, etc).