Virgin StartUp of the week: Simply VAT
As our world grows increasingly connected, more and more businesses are exporting and selling internationally. But if you're not a huge business, the tax implications can be confusing and daunting. This is where our Startup of the Week, Simply Vat, comes in - they help businesses with VAT registration and compliance, ensuring exporting and selling abroad goes smoothly. We've sat down with founder Claire Taylor to find out a bit more...
We choose one Virgin StartUp company to be featured on Virginstartup.org each week. We ask our startups of the week to deliver the ultimate elevator pitch. What would they say if they had one minute in a lift with Sir Richard Branson? Please answer the questions below, keeping each answer to five sentences max.
Ground to floor 1 – Explain what your business does
Simply VAT demystifies the process of selling abroad through ensuring businesses are complying with VAT regulations - meaning businesses can export and expand!
Floor 1 to 2 - Where are you based?
We have an office in the City of London.
Floor 2 to 3 – What’s the business model?
Providing international VAT compliance services, primarily to the ecommerce market.
Floor 3 to 4 – Who are your competitors?
The big 4 eg. KPMG, VATit, Meridian Global Services.
Floor 4 to 5 – What’s your USP?
We are focused on helping online retailers trade internationally.
Floor 5 to 6 – Where did the idea come from?
From years in international VAT, the competitors are very corporate and accountancy-focused. No-one was speaking directly to the online retail market in laypersons terms.
Floor 6 to 7 – How much funding did you receive from Virgin StartUp?
Floor 7 to 8 – How are you going to use it to grow your business?
It has been used as working capital to fund the business during its first year.
Floor 8 to 9 – Who’s your Virgin StartUp Mentor?
Richard Tall, DWF Law
Floor 9 to 10 – where will your business be in 12 months’ time?
We are already established players in the industry, and now the next year we'll be focusing on growth. Sales and client base should triple in the next year.