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If your turnover exceeds or is expected to exceed £68,000 you'll need to be VAT registered. This means you'll need to charge VAT on all sales to customers in th
by jot 17y ago
If your turnover exceeds or is expected to exceed £68,000 you'll need to be VAT registered. This means you'll need to charge VAT on all sales to customers in the EU and deal with loads more paperwork.
This makes taking payments in the EU even more complicated.
- jdietrich 17y agoOne slight correction - £68,000 of sales within the EU. Any sales outside the EU are VAT exempt and so do not count towards the threshold. If your marketing efforts are focused on the US you can help postpone the requirement to register for VAT. For most web-based startups, VAT accounting should be relatively trivial.