Tradebox calculates VAT on every item in every order it downloads, regardless of whether you have an accounts package integrated, or not. Calculations are based upon what is sold and where the order is shipped to in the world. There are also additional rules that can be applied for specific customers who may be VAT exempt. This information can be exported from Tradebox as a detailed report containing the breakdown of net and VAT prices for every item in every order and passed to your bookkeeper. Alternatively, you can summarise your sales in Tradebox for any given period and amalgamate hundreds or thousands of order item lines down into a handful of transaction lines by tax group.
Tradebox also allows users to establish EU Distance Selling VAT thresholds against individual countries and generate reports to see how close they are to each threshold within the current Calendar year. If you are approaching the VAT threshold in an EU country we have accounting partners who can assist you through the process of registering for VAT abroad.
If you are already registered for VAT in an EU country, Tradebox One can be configured to calculate the VAT on each order at the appropriate EU country tax rate, including applying different product tax codes for for different countries. If you have an accounts package integrated with Tradebox One, the EU tax rates can be mapped to the accounts package.