Among this group is a growing number of international businesses that are classed as non-resident importers to the UK.
This status brings with it certain VAT responsibilities that may alter how information is recorded and reported to HM Revenue & Customs (HMRC).
Where an international business sells taxable goods or services in the UK it is considered a Non-Established Taxable Person (NETP) by HMRC.
This includes selling taxable goods in the UK where your business is based overseas or you are a non-UK resident.
As an NETP, you are required to register for VAT with HMRC if you intend to continue selling goods to UK customers.
Once you are registered you will be given a UK VAT registration number and be required to accurately report import VAT to HMRC.
The UK import VAT regulations are complex and may require international businesses or non-UK residents to implement new processes within their organisation’s tax and accounting systems.
Businesses without a physical base or headquarters in the UK that that trades here can benefit from appointing a VAT agent to act on their behalf.
By working with a VAT agent, they will deal with HMRC – helping you to register for VAT and file regular quarterly VAT returns on your behalf.
Many non-EU international importers will already be aware of the advantages of using a VAT agent but those operating within the EU may have less experience.
If your business is based in the EU and you are classed as an NETP then this is the ideal time to appoint a UK VAT agent.
We are one of the few firms in our region to offer a dedicated VAT service. Led by our experienced VAT Director, James Hurst, we provide a full VAT agency service – acting as your company’s UK-based agent and liaising with HMRC directly on your behalf.
Our comprehensive service includes:
International businesses and non-UK residents should be aware that there are significant penalties for breaching VAT regulations, including substantial fines from HMRC.
By working with our team, we will ensure that you do not receive fines for late filing or other non-compliance matters.
VAT is a highly complex area of taxation that becomes even more complicated when handling cross-border transactions, such as imports and exports of goods in the UK.
Speak to our team today to find out how our cost-effective VAT agent service can help you.
