Taxes are unavoidable truths. Benjamin Franklin, one of the Founder Fathers of the American Republic, even mentioned them in a letter just after founding what turned out to be (arguably) the world’s greatest nation:
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.”
Not only is tax certain; it’s usually any business’s greatest expense. So learning what expenses are coming and how to reduce or manage those expenses is one of the business world’s most essential profit strategies.
Given the size of Amazon markets in Europe – already well over $40 Billion USD in 2019, not to mention the huge spike in growth due to COVID – it would be crazy to block oneself off from a huge opportunity because of problems that have clear, tested professional solutions.
However, VAT is perhaps the tax that causes the most confusion, the most paperwork and – especially among North American sellers wanting to break into selling on Amazon in Europe (including the UK) – perhaps the biggest fear/block. Not only that, but it’s subject to change not just by one nation but by multiple countries right across Europe.
All this means above all one thing: in order to have a successful ecommerce or Amazon business in Europe or the UK, it’s vital to get clear, professional and up-to-date advice about VAT
In this episode, we are lucky enough to all three from the experts at Simply VAT. As the name implies, these guys live, breathe and eat VAT.
With the help of our friends from Simply VAT, we will talk about the fundamentals of VAT – what it is, when your business might be liable to register for and pay it; and – the good news – how you can get VAT rebates on many of your expenses!