VAT MOSS – TBES 2015
New EU VAT rules came into effect on 1st January 2015 changing the place of supply in respect of all supply of telecommunications, broadcasting and e-services to consumers from the place where the supplier is located to the place where the consumer is located. From this date, EU and non-EU business will have to register and account for VAT in every Member State in which they supply such services to consumers. Suppliers should be aware of the rules and rates of the Member State in receipt of services to ensure the correct VAT treatment and can consult the EU web portal, developed by the EU Commission, which provides information on the VAT rules in all member states.
Accounting for VAT MOSS with eFolio Accounts.
Firstly you need to decide which countries you are or are going to be selling digital services to and set new VAT rates for all these countries in eFolio Accounts. Once all these rates have been set you can use these in your transactions.
Information on setting up new tax rates in eFolio Accounts Online Accounting Software can be found HERE
Creating a VAT MOSS report is as straight forward as processing a standard VAT report. Once you have all your VAT rates in you can create a report over any time period.
More Information: If you are selling telecommunications, broadcasting and e-services to consumers accross the EU its important to become familiar with the legislation. Further information can be found on the revenue website HERE