Cross Border VAT (CBV) simply put is going to gather all your sales channel data and work out your VAT on sales in minutes.
I know what it’s like to manually calculate the VAT due in my own sales. It’s hard work and takes too much time away from more important things. Plus, my manual calculations, weren’t always accurate. Handling big data can inevitably lead to some human error. The entire process left me feeling extremely stressed.
I tried all the branded accounting packages (and their third party solutions), but nothing accurately worked out the VAT on my sales. Wasting long, laborious hours of my time on something I don’t enjoy is painful! Time as you have probably heard many times before, is better spent on your business than on your books. “Hire a book keeper” they say or “hand it over to your accountant”.
As a small business owner, the complexity of the task means I would have to hire a book keeper or accountant which isn’t affordable. How do I give them access to all my online selling channels? What if they miss some data? Can they keep a tab on my sales for each EU country? Hence notify me when I need to register for VAT in another EU country?
Selling online is not easy because margins are tight. This means every penny you can save on your tax returns counts. You want to pay the correct VAT every time, not any more or any less by mistake.
I have been working on and developing CBV for the last 18 months now. Organically growing the software with the help of expert VAT consultants to solve the problems which I faced when calculating the VAT on my sales. I now use it to calculate the VAT on sales for my own companies, as well as help other businesses to do the same. The software has gone through iterations from businesses who calculate VAT for online sales.
Let CBV take the pain away by collecting and collating your online sales, applying currency exchange rates, monitoring your sales across EU countries, normalising your data and working out your sales VAT in a few minutes. What do you get? CBV will produce an excel report that you simply hand over to your accountant to check over and compile with your other VAT figures for your business