For an ecommerce business, knowing how much money is in the bank is not the same as knowing how profitable the business is. This becomes particularly important when a business buys stock in advance, holds products in warehouses or Amazon…
Amazon can make selling products online remarkably efficient. A customer places an order, Amazon processes the transaction, the product is picked and dispatched, and eventually a settlement is transferred to the seller’s bank account. But from an accounting perspective, the…
Running an ecommerce business can look simple from the outside. A customer places an order, the marketplace collects the money, the product is shipped and a payment eventually reaches your bank account. But from an accounting perspective, that bank payment…
If your UK business imports goods from overseas, particularly if you sell through Amazon, eBay, Shopify or another ecommerce channel, you will come across several customs and VAT terms: EORI. CDS. Import VAT. C79. Postponed VAT Accounting. Understanding how these…
If you sell goods through Amazon, eBay, Etsy, Vinted or another online marketplace, there is an important change you need to understand. Since 1 January 2024, new digital-platform reporting rules have required relevant platforms to collect information about sellers and…
A VAT-registered ecommerce business was facing a VAT shortfall of approximately £50,000 after years of recording Amazon and eBay marketplace payouts as its sales figure. The approach seemed logical. Money came into the bank account from Amazon and eBay, so…
Category: Client StoriesTopic: eCommerce VAT / VAT ComplianceAuthor: Muhammad HarisReading time: 5–6 minutes Introduction A client came to us earlier this year with a serious VAT problem. They had underpaid approximately £118,000 in VAT. It wasn’t fraud. It wasn’t deliberate.…
Category: Client StoriesTopic: Corporation Tax Planning / Year-End Tax PlanningAuthor: Muhammad HarisReading time: 4–5 minutes Introduction A common conversation we have with business owners happens shortly after their financial year ends. The conversation usually starts with a question like: Client:…