VAT: IOSS – Getting ready for the EU’S VAT e-commerce changes
The ‘Import One Stop Shop’ (IOSS) scheme will go live on the 1st July 2021, and it’s aim it to facilitate and simplify movements of individual goods that don’t exceed €150 (£135) to B2C consumers.
These changes will affect businesses who are selling goods to customers located in the EU, and items imported to the EU with a value of €22 or less will no longer be exempt from VAT.
This means goods that are sent directly from a UK company to consumers in the EU, will be subject to the local rate of VAT in the customer’s country.
Director of Accounting