Wetlook World ForumCurrent time: Tue 21/05/24 15:26:58 GMT |
Message # 63033.1.1 Subject: Re:OT: Info for UK and EU wetlook producers Date: Mon 08/12/14 14:48:45 GMT Name: MK Email: wamtec@comcast.net |
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FYI the longer discussion among producers with online sites and download stores and their reactions, and more details of the new law are here
http://umd.net/forums/eu-tax-change-affecting-all
MK |
In reply to Message (63033.1) Re:OT: Info for UK and EU wetlook producers
By GeorgeSK - Mon 08/12/14 14:11:45 GMT EU is in tatters, the economy stagnant, the outgoing EU president gets a £625.000 golden parachute, the EMPs get their monthly 11.000 Euro salary + perks, no wonder they have to devise new taxes to plug these holes to keep the juggernaut going. Terrible. And me, as a citizen of a poorer EU country, have to get by on 5% of what an EMP gets. |
In reply to Message (63033) OT: Info for UK and EU wetlook producers
By MK - wamtec@comcast.net Mon 08/12/14 04:13:04 GMT FYI.....this is already being discussed on other forums, i.e. the new EU VAT internet sales tax laws for online sites that go into effect on Jan 1st.
I have been discussing this with several UK producers on other forums and by email....my summary is here...
http://aquafans.org/forum/viewtopic.php?f=30&t=27820
Basically, if your download store is located outside of the EU, then you can just ignore the EU completely....cos it's laws have no teeth and no collection mechanism anyway and this law us unconstitutional in the USA.
If your site is located in the UK you can develop a strategy to avoid charging VAT on all your download sales by merely selling to UK ip addresses only and not selling to overseas ip addresses and be covered under the UK;'s 81,000 Pounds VAT exemption for micro businesses.
If you are located in other EU countries, there are exemptions in certain situations...e.g. the EU have clarified that you only need to collect VAT on your download sales if you have an automated shopping cart system that generates automatic confirmation emails. As dumb as this sounds, the EU says you can be exempted if your site is not automated, so consider disabling your auto confirmation email system and confirm your sales manually and assign download codes manually, and then the silly EU vat rules say VAT does not apply.....go figure.
Anyway....schedule a meeting with your accountant and develop a strategy for how to deal with the new VAT EU internet sales tax laws that go into effect on Jan 1st.
Some UK producers have already told me they plan to close their UK based websites and move their media to American based hosting companies like Clips4sale.com ...who are already developing new "cloaking" countermeasures in their systems to hide the ip identies of where the sales originate from, as a way to thwart these new EU taxes which are totally unconstitutional under U.S. law anyways.
MK
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