What is important to know before opening a VAT-exempt business in order to collect money from a sales website?
Before opening a VAT-exempt business and launching an e-commerce website, there are several important things to know and actions to take:
-
Informing Your Accountant: When starting a VAT-exempt business and planning to collect money from sales on your website, it's crucial to inform your accountant about this new activity. They can guide you through the necessary steps and ensure compliance with legal requirements.
-
Closing the Business if Necessary: If you decide to cease operations as an independent VAT-exempt business, it's important to formally close the business. Inform your accountant promptly to avoid unnecessary expenses and legal complications.
-
Responsibility for Reporting: As the business owner, you are responsible for reporting all relevant information to the tax authorities in a timely manner. Failure to do so can result in penalties, so make sure to provide your accountant with any required documents and data.
-
Inclusion of Salary as Revenue: If you receive a salary as an employee of your VAT-exempt business, this income must be included in the overall revenue calculation for reporting purposes at the end of the year.
-
Consideration of Business Settings: During registration, you can indicate to us if you do not have a business yet, and we can connect you with an accountant who works with us and can open your VAT-exempt business within a few days. They will guide you through the process and assist with any requests you may have.
It's important to note that all the information provided is based on experience, and we recommend consulting with an accountant before taking any action.
Would you like to speak with an expert before making a decision to get started? Click here!