Technology Resources

IOR

IOR stands for "Importer of Record." The term refers to the entity or individual responsible for ensuring that imported goods comply with all applicable customs laws, regulations, and requirements.
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VAT & IOSS

Changes have been implemented on how goods come in and out of the UK/EU due to Brexit. This document allows for ou to understand the new regulations on VAT and introduction of IOSS and how it may apply to you.
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Multi-channel Warehousing

Centralized management of inventory and order fulfilment across multiple sales channels.
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At present, all our resources are actively utilised in the daily operations of Sprint Logistics. In the event that any of these resources require updating, we will promptly remove them and re-upload the updated version. To indicate that a resource has been updated, we will assign it a new title reflecting the revision.

IOSS stands for Import One-Stop Shop.

Changes have been implemented on how goods come in and out of the UK/EU due to Brexit. This document allows for ou to understand the new regulations on VAT and introduction of IOSS and how it may apply to you.

– Sellers registered in the IOSS need to apply VAT when selling goods destined for a buyer in an
EU Member State.
– The VAT rate is the one applicable in the EU Member State where the goods are to be
delivered.
– Information on the VAT rates in the EU is available on both the European Commission website & on the websites of national tax administrations.

– You can register your business on the IOSS portal of any EU Member State from 1 April 2021.
– If your business is not based in the EU, you will need to appoint an EU-established
intermediary to fulfil your VAT obligations under IOSS.
– Your IOSS registration is valid for all distance sales of imported goods made to buyers in the EU

– An intermediary is a taxable person established in the EU.
– That person has to fulfil the obligations laid down in the IOSS, including the declaration and payment of VAT on the distance sales of imported goods.
– That intermediary will receive an IOSS VAT identification number for each taxable person for whom that intermediary is appointed.
– Taxable persons who are not established in the EU need to appoint an intermediary to be able to use the IOSS. Other taxable persons are free to appoint an intermediary but are not obliged to do so.

If you use IOSS you should do the following:
– Show/display the amount of VAT to be paid by the buyer in the EU, at the latest when the
ordering process is finalized;
– Ensure the collection of VAT from the buyer on the supply of all eligible goods that have an EU Member State as their final destination;
– Make sure that eligible goods are shipped in consignments with a value not exceeding EUR 150;
– To the extent possible, show on the invoice the price paid by the buyer in EUR;
– Submit an electronic monthly VAT return via the IOSS portal of the Member State where you
are registered for IOSS;
– Make a monthly payment of the VAT declared in the VAT return to the Member State where you are registered for IOSS;
– Keep records of all eligible IOSS sales for 10 years;
– Provide the information required for customs clearance in the EU, including the IOSS VAT identification number, to the person declaring the goods at the EU border.

You do not need to charge VAT on distance sales of imported goods in the following circumstances:

– You sell several goods to the same buyer and these goods are shipped in a package amounting to more than EUR 150. These goods will be taxed at importation in the EU Member State as per standard/existing procedure.
– Your distance sales of goods are facilitated by an electronic interface such as a marketplace or platform. In this situation, the electronic interface is responsible for the VAT due.

When an electronic interface facilitates the distance sales of imported goods made by a seller and the goods are:
– Dispatched or transported from outside of the EU at the time they are sold;
– Dispatched or transported in consignments with a value not exceeding EUR 150;
– Not subject to excise duties (typically applied to alcohol or tobacco products).

The electronic interface is considered to have facilitated the distance sale(s) of imported goods when it allows a buyer and a seller to enter into contact via that electronic interface, where the end result is the sale of goods to that buyer.

VAT stands for Value Added Tax.

IOR stands for Importing Of Records 

Importer of Record (IOR) refers to the entity or individual responsible for ensuring the compliant importation of goods into a specific country or customs jurisdiction. The Importer of Record takes on the legal and financial liability associated with the import process.

Sprint Logistics offers a comprehensive suite of VAT services, including registration, compliance, filings, consultancy, Intrastat reporting, reclaims, audits, and training, to support businesses in international trade and ensure VAT compliance.

BOLT grants the user the ability to remotely manage their stock including creating ASNs, seeing stock values, and placing, tracking orders, providing statistics for each.

3PL companies provide technological solutions like an inventory management system and a fully functioning order management system.