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Simplified bookkeeping with daily VAT net settling for transaction fees
To simplify bookkeeping and improve accuracy, we’re enhancing our current net settling process to include VAT on transaction fees. Starting December 1st, VAT on transaction fees will be net settled daily with each transaction, rather than calculated at the end of the month. This update is designed to streamline your accounting process and reduce end-of-month reconciliation.
Market-specific actions:
• Denmark: Remember to apply reverse charge booking as required by EU rules.
Monthly transaction statement: New summary document
At the end of each month, you’ll receive a transaction statement summarizing your total transaction fees and applied VAT for the month. This document replaces the previous monthly invoice and will be available in the Invoices and Statements section of Portal. Historical invoices will also remain accessible in this section.
VAT reporting:
LoomisPay is a Swedish company, and because of that, you are dealing with another country in the EU. Therefore ”You should report the value of your purchase of services from other EU countries in box A - ‘services’ on your VAT return”
In Denmark we have 0% VAT on transactions fee.
Read more here about this change
Note: EU rules require a reverse charge booking for VAT on sales in Denmark. This information will appear on your monthly transaction statement and in Portal.