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…
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.…