ACCOUNTING FOR ONLINE TRADERS

Selling online ? You take care of the selling and we will take care of your bookkeeping.

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When you sell online, many platforms will send you your payments 'net of fees'. This means that although you might receive £200, your sales might be £260 and they have charged you £60 and deducted the fees already.

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Amazon sellers, Etsy sellers and Ebay sellers all have this problem and it is becoming more common for card processors to do the same, so this may apply to sales from your own website too.

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The issue is that if you just look at the £200 as your sales, then you are under declaring your sales. This has potential implications for VAT liability, requirement to register for VAT, tax implications and you could do with the correct figure for management information too.

 

We are good at getting systems in place to ensure that you are recording your sales are recorded accurately, you will need to send us certain reports from each platform each month but we will get the best system possible in place that allows you to concentrate on growing your business. We are good at this because we do it regularly and have many years experience, particularly with Amazon.