VAT & international tax

Rules instead of manual choices

A tax in Selloff applies to invoices issued by branches in one country to contacts from the countries you select. Each tax holds its rates with validity dates, so a rate change can be entered before it takes effect. For every line that Selloff generates on its own (buyer's premium, buyer's insurance, shipping, reminder fees, seller's commission, insurance on sold and unsold lots, lot fees) you choose the default tax per branch, and whether the tax is included in the amount or added to it.

Lots with and without VAT

Each lot carries its tax type, set by default when it is described. On a buyer invoice, Selloff can calculate VAT on the buyer's premium only for the share of the premium relating to lots subject to VAT. Invoices can show the VAT detail by rate and the tax type of each line.

Cross-border sales

For buyers abroad, the foreign VAT option lets you enter prepaid foreign VAT, and any customs fees on it, directly on the invoice, each booked to its own account. A flat-rate tax on lots over €5,000 can be applied per lot where your terms of sale provide for it. Lots sold in different currencies can be invoiced together, converted into the invoice currency.

Reporting

The All VATs report lists collected and deductible VAT for a period, filtered by currency and sale, ready for your VAT return or your accountant. It exports to Excel, and VAT amounts are included in the accounting export.

Who uses it

Accountants set up taxes and default tax types once per branch. Invoicing staff then create invoices without choosing a rate line by line.