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The new EU VAT rules have annoyed a lot of people. In fact, the small business community kicked up such a fuss about the huge impact the changes would have on UK microbusinesses that HMRC agreed to make some changes.
Originally, the changes meant that all businesses who met the criteria would have had to start registering for VAT in the UK, with no threshold. This would have forced thousands of small businesses to increase their prices in order to account for VAT, massively damaging their ability to compete in the market.
Thankfully, HMRC agreed that that as long as the business is able to separate their UK sales from their EU sales, then the usual threshold for paying VAT on the UK sales will still apply. Although this is better, all businesses who meet the criteria will still have to pay VAT on all their EU sales, so it’s still going to be quite damaging for many.
Discussions with HMRC on how the impact could be reduced even further are still ongoing, so check the Crunch blog regularly for updates. Either way, the changes come into force on 1 January 2015, so it’s a good idea to find out whether you’re going to be affected as soon as possible.
Last month, we published a post explaining the new EU VAT rules, VAT MOSS and the options you have if you’re affected, and we followed this up last week with this video explainer:
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