last 8 weeks we have:
a client whose selling account was blocked to obtain a UK VAT registration
number – in under 48 hours!
- Continued development of a systematic method of extracting and summarising Amazon’s confusing VAT accounting reports. No need for expensive Xero, A2X, Link my Books subscriptions for our clients!
by three large clients whose (separate) accountants had each totally
misunderstood VAT liability calculations and Amazon accounting.
- Helped a client
obtain £150k of VAT refunds following a comprehensive and accurate submission
to HMRC which resulted in just a one-hour VAT control visit. We were also able to help the HMRC’s officers
understand some aspects of Amazon accounting!
recent years the number of ‘online traders’ or ‘Ecommerce’ businesses has grown
considerably and in the next ten years we believe the market will at least double!
& Co began advised several substantial eBay traders over ten years ago and due
to the significant growth of Amazon FBA (and many other markets) we have been very
fortunate to have attracted a significant number of these businesses as clients
from across the UK (and overseas).
consider ourselves to be ‘the specialists’ in this area. We are regularly contacted
by businesses whose accountants just don’t handle (or understand) this
of these businesses need (and expect) an online bookkeeping system that caters
for the complex reports flowing from Amazon, PayPal, Stripe etc. They also need confidence that their VAT and
taxes are being properly handled.
know of an Ecommerce business proprietor that is struggling for advice from
their advisors and accountants or need certainty about their bookkeeping, VAT
registration requirements (including EU / international), VAT calculations and
schemes (and of course MTD) please ask them to contact us for a chat!
Under new rules due to come in on
1 October 2019 builders, sub-contractors and other trades associated with the
construction industry will have start using a new method of accounting for VAT.
the new rules, supplies of standard or reduced-rated building services between
VAT-registered businesses in the supply chain will not be invoiced in the
normal way. Under the reverse charge, a main contractor would account for the
VAT on the services of any sub-contractor and the supplier does not invoice for
VAT. The customer (main contractor) would then account for VAT on the net value
of the supplier’s invoice and at the same time deduct that VAT from the payment
to the sub-contractor.
is intended to ensure that VAT is correctly accounted for on supplies by
new reverse charge will apply to a wide range of services in the building
trade, primarily those activities covered by the construction industry (CIS)
payment rules. Note that normal VAT invoices will continue to be issued to
contact us if you are likely to be affected by these changes and we can work
with you to ensure you are ready for the new system.