Value Added Tax (VAT)
From March 2022, The Nü Savings Group ('NSG') will charge business clients the flat VAT rate of 20% for our digital products and services. This will be added to the invoice, so it is important if you are VAT registered, to supply your VAT number.
PRODUCTS & SERVICES TO UK CONSUMERS (NON VAT REGISTERED BUSINESSES)
If you don't have a VAT number, NSG will class you as a consumer; and all prices will be inclusive
of VAT on your invoice.
PRODUCTS & SERVICES TO UK BUSINESSES (VAT REGISTERED)
If you have a VAT number, NSG will need this number at the point of sale; so we may add this to your invoice.
UNDERSTANDING VAT - WITHIN THE UK, EUROPEAN UNION ('EU') AND OTHER COUNTRIES
When your business trades within the UK, it is important to understand that you will fall under the scope of UK VAT rules based on the place of supply (or supply address). Not where your company is registered, whether this is within the EU or outside of the EU Market.
Services are assumed to be provided where your business is based and so fall under the VAT rules in that country.
SERVICES TO EU REGISTERED BUSINESSES
If services are supplied to you (an EU business) then you are responsible for charging VAT via Reverse Charge Rules (basically as if you were selling the service to a client).
SERVICES TO NON-EU REGISTERED BUSINESSES
If services are supplied to you (a Non-EU business). You will be outside the scope of UK VAT and your invoice will be marked as No VAT. Please note, we will keep evidence of business invoices for HMRC.