E-commerce & Online Retail
(e.g., Amazon, eBay, Etsy, Depop)
The rise of online marketplaces like Amazon, Facebook Marketplace and eBay has enabled many individuals to turn their side hustles into full time businesses. However, HMRC considers regular online selling for profit as trading, which requires tax reporting.
Why you need an accountant:
Selling online involves complexities such as stock control, allowable expenses, VAT thresholds, and potential capital gains tax. An accountant can help determine your trading status, manage bookkeeping, handle self-assessments, and navigate Making Tax Digital requirements.
Self-employed vs. Limited Company:
Operating as a sole trader is straightforward and suitable for those with modest profits. However, if your profits exceed £50,000, incorporating as a limited company may offer tax advantages due to lower corporation tax rates and the ability to pay yourself through dividends, which can be more tax efficient. This can also help your business show more establishment and be required for securing a storage premises.
Pricing Guide:Self-Employed: from £175/yearLimited Company : from £600/year or £50/month
E-commerce & Online Retail
(e.g., Amazon, eBay, Etsy, Depop)
The rise of online marketplaces like Amazon, Facebook Marketplace and eBay has enabled many individuals to turn their side hustles into full time businesses. However, HMRC considers regular online selling for profit as trading, which requires tax reporting.
Why you need an accountant:
Selling online involves complexities such as stock control, allowable expenses, VAT thresholds, and potential capital gains tax. An accountant can help determine your trading status, manage bookkeeping, handle self-assessments, and navigate Making Tax Digital requirements.
Self-employed vs. Limited Company:
Operating as a sole trader is straightforward and suitable for those with modest profits. However, if your profits exceed £50,000, incorporating as a limited company may offer tax advantages due to lower corporation tax rates and the ability to pay yourself through dividends, which can be more tax efficient. This can also help your business show more establishment and be required for securing a storage premises.
Pricing Guide:Self-Employed: from £175/yearLimited Company : from £600/year or £50/month
E-commerce & Online Retail
(e.g., Amazon, eBay, Etsy, Depop)
The rise of online marketplaces like Amazon, Facebook Marketplace and eBay has enabled many individuals to turn their side hustles into full time businesses. However, HMRC considers regular online selling for profit as trading, which requires tax reporting.
Why you need an accountant:
Selling online involves complexities such as stock control, allowable expenses, VAT thresholds, and potential capital gains tax. An accountant can help determine your trading status, manage bookkeeping, handle self-assessments, and navigate Making Tax Digital requirements.
Self-employed vs. Limited Company:
Operating as a sole trader is straightforward and suitable for those with modest profits. However, if your profits exceed £50,000, incorporating as a limited company may offer tax advantages due to lower corporation tax rates and the ability to pay yourself through dividends, which can be more tax efficient. This can also help your business show more establishment and be required for securing a storage premises.
Pricing Guide:Self-Employed: from £175/yearLimited Company : from £600/year or £50/month
