I've been doing some research about EU/UK VAT. I'm US based online e-commerce selling internationally but I'm not register VAT from either two. ( I've stop selling to UK now). I know under the new Brexit, I need to register from VAT and basically pay HMRC every quarter.
My question are:
- Has anyone go through this process yet? Register VAT, paying every quarter…(doesn't that mean you literally have to tack down every UK order and how much tax you collect? I'm trying to decide if that's worth of my time since I'm made about 5k last year from my UK customers)
- I also heard EU is doing the same thing after July. Does that mean I need to register VAT in every single country that I wanna do business with? (I made about 10-15K from EU customers last year)
I'm still very confuse about the entire situation. And trying to decide if I should go through the entire process since around 9% of my business is from UK/EU.