API for online marketplace
From 2021, online marketplaces are liable for unpaid VAT by overseas businesses using their marketplace. Get ready for these changes. Our API enables OMP for all VAT functions: calculate VAT, collect data, fill and submit VAT forms.
How LOVAT can help
Overcome the obligatory of tax reporting in 5 minutes
- Get VAT / Salex TAX registrations in target countries
- Install Lovat API
- Set up Lovat account
- Calculate TAX
- Calculate Sales Tax Threshold
- Collect VAT
- Fill VAT returns
- Pay VAT
Due to the end of the transition period between the UK and EU, new legislation for online Marketplaces will come into force in January 2021. To comply with the new rules, you may need to implement several updates to your listing’s rules. If you plan to continue to operate between GB and EU- movements of goods is an export/import transaction. That means that you will need custom codes for all goods your merchant wants to export, and custom values of goods in order to calculate VAT. You also need to adjust your software to be able to decide the location of goods at the point of sale.
Customer success stories
We run a marketplace for art objects it took us two months to start collecting VAT. With Lovat API we have tax analytics for each merchant.
We recently started to use LOVAT for VAT calculation, we need it to get ready for Brexit, for now, we collect statistics, and the Lovat team also helped to prepare explanations for our sellers
We are a B2B marketplace for wholesellers and normally our users sell reverse charge without VAT, but we have minority users without VAT number that's why we decided to install LOVAT API. Now we can provide our users with full VAT reports.