HMRC REJECTS 70% of VAT Reclaims from this 7 figure Amazon FBA OA Seller

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If you are going VAT registered on Amazon, this one easy mistake could cost you £££££ in fines and lost reclaims from HMRC. A 7 figure Amazon FBA online arbitrage seller faces losing thousands because of one admin mistake.
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00:00 Introduction
00:22 HMRC VAT Evidence
01:40 HMRC Documentation requirements
02:18 70% Of the REclaim is not allowed
02:26 How does this affect Amazon FBA Sellers
03:19 What do Amazon FBA OA Seller need to do for invoices for HMRC VAT

Опубликовано:

30 июл 2024

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Комментарии : 12

@FastTrackFBA 5 месяцев назад

😲Join the community and see the post here: link.fasttrackfba.com/ugC0u 👉Get my FREE Top 100 UK Suppliers list here: link.fasttrackfba.com/ugC0t 👉Get my FREE 20-page UNGATING guide here: link.fasttrackfba.com/ugC0s

@jameschong721 5 месяцев назад

I've just gone vat registered and have get to make any vat claims..my accountant never mentioned about the business name...it seems silly, if you are buying with the business card and the business address is on the invoice..that should be enough dor hmrc to accept its for business use

@FastTrackFBA 5 месяцев назад

we think so, but its up to HMRC

@philipdyke9185 5 месяцев назад

Excellent video. Thanks.

@FastTrackFBA 5 месяцев назад

thanks

@UKMoneyMaker 5 месяцев назад

Was this case not more to do with the fact that they were claiming VAT on the purchase and then exporting the goods so not paying VAT on the sales, hence probably claiming vat back every quarter rather than paying it? This was the impression I got around the time that post was going round ?

@FastTrackFBA 5 месяцев назад

maybe But all purchases have VAT reclaimed. So exporting might increase the chances of an audit but still, if you're reclaiming VAT, you still need to follow the correct guidelines.

@anfieldreds_1892 4 месяца назад

Nothing wrong with claiming VAT back, even if you never sell the product and just want to keep it. Some "business" e.g. private schools, claim VAT and don't charge VAT, as school fees are exempt. so every VAT claim they are due VAT back. For Arbitrage sellers who export, if for example, they were dealing with wholesalers only and get the right invoices, with company info, then HMRC cannot fault them.

@UKMoneyMaker 4 месяца назад

Yes, that's what I meant sorry, claiming big amounts back much more likely to be looked into and then gone through with a fine tooth comb. Agreed, should just get the proper info on them regardless just in case@@FastTrackFBA

@cargylesauce8340 4 месяца назад

Just checked out your top 100 fba suppliers and the first one only has one brand thats not fully gated, which has 33 items, none of which were profitable

@FastTrackFBA 4 месяца назад

damn thats not good, you should try to get ungated in more brands

@FastTrackFBA 4 месяца назад

Here is the ungating guide fasttrackfba.com/ultimate-amazon-ungating-guide/