Are you responsible for paying VAT yourself? Here's what you need to know
RecordFlower processes your payments through Stripe and pays you out automatically. For VAT remittance on your sales, you as a seller are responsible yourself. Here is what you specifically need to know.
Your own fiscal responsibility
As a seller through your own webshop, you are responsible for your own VAT filing on your sales. RecordFlower is a technical platform and does not act as a tax advisor. Whether you are liable for VAT depends on your situation: your company's legal form, your turnover and the country where you are based.
Three VAT regimes for your invoices
In your dashboard, you choose how VAT is shown on the invoices for your buyers. RecordFlower supports three regimes:
- 21% VAT. The invoice shows a VAT breakdown. Suited to regular, VAT-liable sales.
- Margin scheme. For second-hand goods. No VAT amount appears on the invoice; RecordFlower automatically adds the required legal notice.
- VAT exempt. For the Dutch small businesses scheme (KOR). No VAT appears on the invoice, with the corresponding legal notice.
You choose the regime that fits your situation. Not sure which regime applies to you? Consult your accountant or tax advisor.
Selling internationally and VAT
Selling in multiple countries? Additional VAT obligations may apply, depending on your turnover per country and the applicable thresholds within the EU. Consult your accountant or tax advisor for your specific situation.
Your transaction data as the basis for your records
Through your Stripe dashboard, you have insight into all your transactions. This overview is your starting point for your VAT records. RecordFlower sends you a monthly invoice for your subscription, including VAT. The sales transactions themselves can be exported through Stripe.
What does this mean for you?
VAT remittance is your responsibility as a seller. Your transaction data is ready and waiting in Stripe, your accountant does the rest. Doubts about your fiscal situation? Consult a tax advisor.
Questions about how RecordFlower makes your transaction data available? Get in touch through recordflower.com.