We work with online sellers who sell their products through internet platforms such as ebay, amazon and etsy for example.
Often, these businesses will sell to the UK, the EU and overseas which can create differences for VAT purposes. Often, these businesses use online payment options that also need to be considered carefully such as how those funds are transferred to the business bank account.
We are experienced in these transactions and we understand your business.
We understand businesses like yours – talk to us about your growth and we can provide an insight as to how we can handle the accounting matters for you to free up your time to promote your business.
We work regularly with clients who have online retail businesses and we love how much benefit we can bring to those business owners to free up their time on the bookkeeping and accounting matters so that they can concentrate on selling and growing their business.
As an example, one of our clients has a retail business, selling from the ebay platform to his clients in the UK, EU and overseas.
One of the concerns for this particular business and the accounting was navigating all of the numerous transactions into the correct VAT position. Selling to the UK was one method for VAT, selling ot the EU is another, and overseas another. All of these transactions involved a VAT treatment and of course the legal requirements relating to exporting of the goods where applicable.
We have worked with him to ensure that all of the VAT aspects are considered for each of his transactions by using the ebay transaction reports and blending this into the Xero record. This takes care of the VAT reporting and ensures that the accounting sits well against the VAT returns, creating accuracy and reassurance. We have integrated the use of the paypal account and other payment options into the Xero record to provide the accuracy and the reassurance that the cashflows are visible. From there, we can create reports and other valuable information for the business owner to make informed decisions on which customers value his time and growth.
If you have an online retail business, of any version, we would love to work with you and show you how complex the reporting might be, but how this can be taken care of.
