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Reporting VAT from 2015
So let’s talk about whether you should be looking to use the mini One Stop Shop or use local VAT registrations. As you might expect, there are pros and cons to either.
For instance, with MOSS, businesses must keep records for ten years and any input tax incurred in other member states can only be reclaimed via the EU refund scheme – which can be a lengthy process. That said, if you simply sell services through the web you may well find that such input tax is very limited or minimal. Also, MOSS returns and payments are due within 20 days of the end of the VAT period, which is a shorter deadline than many local VAT registrations and therefore this has some implications from a cash flow perspective.
If you have an existing VAT registration number in other member states, for distance selling purposes perhaps, it may be easier to use this to report the VAT on B2C sales post 2015.
Local VAT registrations are generally administratively more complicated from a processing perspective, but have the advantage of normally allowing quicker repayment of any VAT you incur and in addition to that the information keeping requirements are not as lengthy.
You might also want to consider whether you want to be filing up to 28 individual VAT returns, or would rather process a single return through the mini One Stop Shop online portal.
All suppliers, both EU and non EU, will also need to consider their eligibility to use the mini one stop shop, as certain conditions do apply.
Opportunity for change
With changes on the horizon, many companies will be thinking about how to best tackle their obligations. Many will continue to handle compliance internally. Others may look at outsourcing these obligations. Whichever option you choose, this is a time of change and a good opportunity to revisit how you carry out these activities within your organisation.A lot of our clients have started to make the changes necessary. If you haven’t yet begun this process, you need to do so now.To find out moreWe hope you have found these videos informative. Please do speak to your KPMG adviser to talk through these important changes. You can also find out more by visiting our website at www.kpmg.com/uk/VAT2015
This video explores the pros and cons of choosing the Mini-One-Stop-Shop or local VAT registrations for businesses complying with the 2015 EU VAT place of supply changes.
To find out more, visit our 2015 webpage which includes other videos in our 2015 VAT changes series, or contact your local KPMG advisor.
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KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.