VAT is the most common tax in the UK, EU and many other countries, compliance is a must!
As one might assume, the tax authorities take non-VAT compliance very seriously. VAT is one of the most common indirect taxes in the world and is responsible for a large sum of revenue for many countries.
Failing to adhere to VAT requirements runs serious risks for businesses. Here are the top five risks non-compliant businesses can expect.
- VAT Audits and Inspections – Failing to register or meet your VAT obligations can trigger VAT inspections by the relevant tax authority which may yield fines and penalties.
- Banned from E-commerce Platforms – Tax authorities in partnership with platforms such as Amazon and eBay require those platforms to collect VAT on your behalf. If you can’t provide a valid VAT number you will most likely be banned from selling on those platforms.
- Interest and Fines – If you fail to submit full and timely VAT returns, tax authorities most likely will charge interest and fines which could be substantial.
- Damaged Business Reputation – Don’t be alarmed if the tax authorities reach out to your major clients asking for a record of their transactions with your company. This can make your clients uneasy and possibly question doing business with your company.
- Criminal Charges – Although extreme, know the tax authorities have the right to unlimited fines and imprisonment for severe non-VAT compliance.
Don’t chance not being VAT compliant. Get in touch with a VAT agency that can provide VAT registration, filing, reporting and, where needed, fiscal representation.
If you still have questions about your VAT obligations please contact our VAT specialists on +44 (0) 208-004-1160 in the UK, ++1 (714) 782-7000 in the USA or simply email us at query@MyVATdirect.com.
About My VAT Direct Ltd
My VAT Direct is a bespoke VAT registration, fiscal representation, calculation and filing service specifically designed to assist Amazon Sellers and e-commerce merchants who desire the benefits of cross-market selling without the worry of tax compliance in foreign markets.
My VAT Direct is comprised of knowledgeable and experienced tax experts, who for 10+ years have helped e-commerce sellers enjoy the selling opportunities a mass market can provide.
My VAT Direct can be reached via email at info@MyVATdirect.com, through the website www.MyVATdirect.com and via phone in the UK +44 (0) 208-004-1160 and ++1 (714) 782-7000 in the USA.
About SMBE Direct Ltd
My VAT Direct is a subsidiary of SMBE Direct, a world reaching B2B and B2C business services conglomerate, giving rise to exceptionally talented and well-experienced professionals organised into business units, that provide direct services to SMEs and enterprise level businesses, whereby increasing their brand awareness and sales.
SMBE Direct can be reached via email on info@SMBEdirect.com, through its website www.SMBEdirect.com and via phone in the UK +44 (0) 208 004 4545.
