Blog
Get Your VAT Refund Instantly When Selling Abroad

Get Your VAT Refund Instantly When Selling Abroad

Cross border VAT compliance and reclaims can be complex. Learn more about them and how to simplify the process with Taxually and Adsum.

Selling goods abroad can be an excellent way for UK businesses to grow their revenue and expand their customer base. Unfortunately, selling abroad involves complying with the relevant tax laws and regulations of the countries they export to. This can be a complex and time-consuming process that requires businesses to understand the VAT regulations of the countries they are exporting to, as these can vary significantly from country to country.

I’ve sold my goods abroad - now what?

Fortunately, there are experts in cross-border VAT compliance who can help simplify the process for businesses - that's where Taxually and Adsum come in. Taxually is a specialist in cross-border VAT compliance, providing a range of services to help businesses comply with VAT regulations when selling goods abroad. Their expert team can help businesses navigate the process of VAT registration, VAT returns, and VAT advice, ensuring that they meet their obligations and avoid costly penalties.

When exporting goods, businesses may incur costs in the UK but are not collecting UK VAT on their sales. This means that they pay more VAT than they collect and as a result, are in a reclaim position in the UK with HMRC. However, the process of reclaiming VAT can be challenging and time-consuming, and mistakes can result in potentially costly consequences, including investigations by HMRC. But with Adsum's specialist instant VAT refund service, businesses can rest easy. Adsum streamlines the process, allowing businesses to access their VAT refund within 60 minutes of submitting their VAT return. They also handle all communication with HMRC, ensuring that the process is handled correctly and efficiently.

Reclaiming VAT is an essential process for UK businesses, but it can be tedious and time-consuming. That's why Adsum's instant VAT refund service is such a valuable resource. Their specialist team understands the complexities involved and has the expertise to ensure that the process is handled correctly. With Adsum's help, businesses can avoid potentially costly mistakes and investigations by HMRC. Instead, they can focus on what matters most: growing their business and serving their customers.

By partnering with Taxually and Adsum, UK businesses can benefit from their combined expertise and experience in cross-border VAT compliance. Taxually can help businesses stay compliant with VAT rules and regulations when selling abroad, while Adsum can help them access any VAT they're owed back from HMRC immediately so they can focus on what matters - their business. Together, they offer a comprehensive solution for UK businesses looking to expand their international sales while maintaining compliance with tax laws and regulations.

In this article, we'll explore the partnership between Taxually and Adsum and how they can help UK businesses navigate the complexities of cross-border VAT compliance. We'll also take a closer look at the steps involved in declaring goods to relevant tax authorities and reclaiming any tax owed back, as well as why UK businesses are typically in a reclaim position in the UK with HMRC and how to avoid costly penalties.

Understanding Cross-Border VAT Compliance

Cross-border VAT compliance can be a complex and daunting process, particularly for small and medium-sized businesses that are new to international trade. It involves complying with a range of regulations, including those related to customs, duties, and VAT, which can vary widely depending on the country in which you are selling goods. As a UK business selling goods abroad, it's important to understand your obligations for VAT compliance in both the UK and the country where your goods are being sold.

Based on the region you’re selling to, you may be required to register for VAT in the country where your goods are being sold. This is because many countries have their own VAT systems, and you may be required to comply with their regulations if you exceed certain sales thresholds.

Complying with the VAT regulations of multiple countries can be challenging, particularly for small businesses with limited resources. However, failure to comply with these regulations can result in penalties and fines, which can have a significant impact on your business's bottom line. That's why it's important to work with experts in cross-border VAT compliance, such as Taxually, who can help simplify the process and ensure that you're meeting all of your obligations.

Reclaiming VAT from Selling Goods Abroad

When selling goods abroad, UK businesses often find themselves in a reclaim position within the UK. This is because they are incurring costs in the UK but are selling abroad, meaning they are paying UK VAT on their purchases but not collecting UK VAT on their sales. As a result, they may be entitled to claim back the VAT they have incurred on these costs from HMRC. This can be a significant amount, and failing to reclaim it can result in reduced profitability for the business.

To reclaim VAT you need to submit a VAT return to HMRC. Submitting a VAT return to HMRC has been made simple thanks to HMRC’s Making Tax Digital initiative, but before HMRC accept your reclaim they can ask you for proof of the amount you’re claiming.

Acquiring the necessary proof can be time-consuming and complex, particularly if you're not familiar with the rules and regulations surrounding VAT reclaims. That's where Adsum can help. They can help you navigate the complexities of the UK VAT reclaim process, ensuring that you're meeting all of your obligations and maximising your VAT reclaim.

Adsum offers a solution that allows businesses to receive their VAT refund instantly. They do this by providing a VAT refund service that allows businesses to receive their refund immediately, rather than waiting for the lengthy refund process to be completed. Adsum handles the entire process for you and transfers the refund to your account upfront. This can be a significant benefit for small-margin businesses that rely on cash flow to operate.

It's worth noting that not all VAT on goods sold abroad is reclaimable. The rules and regulations surrounding VAT reclaims can be complex and vary depending on the country in which you are selling goods. That's why it's important to work with experts in cross-border VAT compliance, such as Taxually and Adsum, who can help you understand your obligations and maximise your VAT reclaim. By working with these experts, you can ensure that you're meeting all of your obligations and maximising your profitability when selling goods abroad.

Why Choose Taxually and Adsum?

Choosing Taxually and Adsum as your cross-border VAT compliance experts can provide numerous advantages to UK businesses. One of the primary benefits is that they can help simplify the complex world of cross-border VAT compliance. Taxually has a team of experts who can guide you through the various rules and regulations related to VAT when selling goods abroad. With their in-depth knowledge and experience, they can help you avoid common pitfalls and ensure that you comply with all the necessary requirements.

Another significant advantage of choosing Taxually and Adsum is that they can help you reclaim any VAT you're owed back from HMRC instantly. As mentioned, reclaiming VAT on goods sold abroad can be a complex and time-consuming process. Adsum offers a simple and streamlined process for claiming UK VAT refunds, ensuring that you get your money instantly, and don’t have to spend your time dealing with HMRC. This can help improve your cash flow and enable you to reinvest the money into your business.

By choosing Taxually and Adsum, you can also free up valuable time to focus on other aspects of your business. Rather than spending hours on VAT compliance and refund applications, you can concentrate on growing your business and serving your customers. This can be particularly beneficial for small businesses or startups, where time and resources are often limited. In conclusion, expanding your business internationally can be a great way to grow revenue and gain new customers.

However, it also means complying with the VAT regulations of the countries you export to, which can be complex and time-consuming. That's where Taxually and Adsum come in. By partnering with these experts in cross-border VAT compliance, you can simplify the process of VAT registration, returns, and refunds, ensuring that you meet your obligations and maximise your profitability. So, don't let the complexities of cross-border VAT compliance hold you back from growing your business globally. Contact Taxually and Adsum today to get started.

To celebrate our partnership, Adsum are offering Taxually customers their first Instant VAT refund for FREE (Normally 2% of the refund amount + VAT.)

December 13, 2023
Test text
Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries
Test text
Test text
Test text
Lorem Ipsum has been the industry's standard dummy text ever since the 1500s,
Test text
when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries
Test text