If you forgot to add your VAT number to your Fanvue account, you can take steps to resolve the situation and ensure you remain compliant with tax regulations. Here’s what you need to do:
1. Update Your VAT Information:
Log in to Your Fanvue Account:
Go to your account settings.
Find the section for tax information or VAT details.
Enter your VAT number and save the changes.
2. Calculate Missed VAT:
Identify Affected Transactions:
Review your transaction history to identify sales where VAT should have been collected.
Calculate VAT Owed:
Determine the VAT amount that should have been applied to your earnings. For example, if you had $1,000 in sales and the VAT rate is 20%, you would owe $200 in VAT.
3. File and Pay the Missed VAT:
Include in Your Next VAT Return:
Add the calculated VAT to your next VAT return.
Pay the Amount Due:
Pay the VAT owed from your own profits, as it was not collected from fans at the time of the transactions.
5. Maintain Accurate Records:
Keep Detailed Documentation:
Maintain records of your transactions, VAT calculations, and payments. This will help you stay organized and prepared for any potential audits.
6. Seek Professional Advice:
Consult an Accountant or Tax Advisor:
If you’re unsure about any steps or need help with calculations, consider consulting a tax professional. They can provide guidance tailored to your specific situation.
7. Prevent Future Issues:
Ensure VAT Number is Always Updated:
Regularly check that your VAT information is correctly entered and up-to-date in your Fanvue account settings.
Why VAT Wasn't Charged:
Fanvue requires creators to provide their VAT number in order to collect VAT on eligible transactions. Unfortunately, if a VAT number is not disclosed during the account setup or for VAT eligible transactions, VAT would not be automatically collected on your sales. This means that the transactions processed through Fanvue did not include VAT charges to your fans on your behalf.
What This Means for You:
Since VAT was not collected at the point of sale, the responsibility falls on you as the creator to account for and pay the VAT from your profits. This is necessary to comply with HMRC regulations and to avoid any potential penalties or legal issues.
Need Help?
If you have any questions or need further assistance, please contact Fanvue support. Also remember VAT varied depending on your country of residence, so read up about VAT for your country before getting in touch.
If that doesn't help, we’re here to help you navigate this process and ensure your account is properly set up.