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April 29, 2020

Amazon Europe for US Amazon Sellers with Kevin Sanderson

 Amazon Europe for US Amazon Sellers with Kevin Sanderson

UK And Europe cf Canada
– register for VAT number
– And EORI number
– Ship stuff in
– You do need someone in the country to act as VAT agent
– Use an agency eg Avask – maybe £200 a quarter

VAT for American importers- to ask your tax advisor

– Ask about the flat rate scheme – this simplifies – if online retailer as SIC code 7.5%
– And also 1st year is simpler
– with VAT you have selling price and credits
– But there are more issues
– Eg someone else imports on their EORI number or VAT
– On the standard “scheme” take what you collect
– Subtract what you paid at the border
– If you’re US based, you don’t have a lot of credits
– Depending on cost of your product
– Tipping point is to do the flat scheme

How to make it less scary?

– Be wary of getting advice from Europeans as an American importing
– Use the Amazon VAT resources page for UK (before you talk to anyone in a company)
– Accounting for KPMG put together – a VAT questionnaire

Distance selling for Amazon Europe

You can sell €100K in Euros in Germany
– You can sell UK govt your VAT
– Easy to use flat rate up to £230K revenue

Currency fluctuations

– They don’t really fluctuate that much
– You’re only really talking about a modest amount of things
– Say you £2000 in sales
– Amazon subtracts £700 in fees in local currency
– Have PPC come out of account (avoid conversion fees if use credit card)
– You end up with say 50% in payout from Amazon
– That is what is subject to currency fluctuations
– You can hold in local currency if you want

Why expand in an economic contraction?

Maybe think of it not as expansion but as diversification.
– To expand you could go after hot products
– You could go after hand sanitisers and masks
– You could end with a container left!
– Focus on fundamentals
– Get your offer to more people!
– Even if your margins aren’t quite as good
– It’s additional revenue and cashflow

Less competition overseas
– Fewer aggressive tactics than in USA

Free Webinar by Kevin

Click on the link below to access

Amazon International Expansion

Related episodes from the AFBA podcast:

Importing to the UK from China with Neil Curran (freight forwarder)

Amazon Canada for US Amazon sellers with Kevin Sanderson

Selling in UK with Kevin Sanderson with Kevin Sanderson

 

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Michael Veazey


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