Set up your tax profile

Set your tax profile once in Settings (your jurisdiction, registration, and default scheme) so Worldwatch applies the right tax to your listings, sales, and reports.

Your tax profile tells Worldwatch who you are for tax: the country you are registered in, your registration, and the scheme you trade under. You set it once, and it flows into your listings, your sales, and your reports. Set it up before you list or sell.

You are responsible for your own tax. Worldwatch helps you apply and record tax, but it does not provide tax advice. Keeping your tax profile accurate, choosing the right schemes and rates, and filing correctly are your responsibility. If you are unsure, check with your accountant or a qualified tax advisor.

Without a tax profile, tax is not applied. Until you create one, listings are priced untaxed and sales record no tax. Add your profile first, then list.

Create your tax profile

Open the tax profile page

Go to Settings → Tax profile. If you have not set one up, Worldwatch shows a short create form.

Fill in your home registration

This is your primary tax residence and the registration you hold there. It sets your default scheme and rate.

Country. Choose where you are registered. This drives everything below.
State or province. Shown only for countries where tax depends on the region.
Registration number. Your VAT number, EIN, or local tax ID.
Registration type. VAT, GST, sales tax, and so on.
Tax scheme. Only the schemes your jurisdiction offers appear here. See the tax schemes below.
Registered on. The date your registration started.

If you pick the margin scheme, you also choose a margin calculation method (transaction by transaction, or global). If you pick standard, you can set a rate override or leave it empty to use the country's standard rate.

Set your reporting preferences

Reporting period. Monthly, quarterly, or annually.
Fiscal year ends in. The month your tax year closes.
Track input VAT. Record the VAT you pay on purchases, so your reports can show a net position.

Create the profile

Click Create tax profile. Worldwatch starts applying it to new listings and sales straight away.

The tax schemes

Worldwatch offers only the schemes your jurisdiction actually runs, so you cannot pick one that does not apply. Change your country and any scheme that no longer fits is cleared. The dealer schemes are:

Standard. Tax on the full sale price. The default for most dealers.
Margin scheme. Tax only on your resale margin, not the full price. Available in the EU, the UK, and Switzerland. See mark an item as margin scheme.
Small business. Exempt because your turnover is below the national threshold.
Exempt. Registered, but your supplies are exempt from VAT.
No tax. For jurisdictions with no VAT, GST, or sales tax.

How your tax profile flows through Worldwatch

You set the profile once, and it does the work everywhere tax matters:

Listings. A new listing picks up your default scheme and rate. You can still override the scheme, rate, or country on an individual listing.
A single watch. You can also set the margin scheme on a watch when you record its purchase. See mark an item as margin scheme and record an acquisition.
Sales. When you mark a watch sold, Worldwatch records the sale's tax from your current profile. Under the margin scheme, VAT is worked out on the margin (sale price minus purchase price); a zero or negative margin means no VAT is due.
Reports and your accountant's file. Your scheme, VAT, and margin figures feed Reports and the administration export you hand your accountant.

Manage and change it

Once your profile exists, the page becomes editable:

Registrations. Add more registrations if you are registered in more than one place, and edit the number, scheme, rate, or status of each. Your primary registration is marked Primary and cannot be removed; to replace it, change your domicile.
Change domicile. Re-homes your primary registration. The rates and schemes derived from it change with it.
One-Stop-Shop (OSS). If you sell across EU borders to consumers, register for OSS to report those sales in a single return. This appears only where it is available.
Suspend. Pause tax calculation without losing your setup, then reactivate when you need it.

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