UK VAT For Amazon Sellers help
Hi All,
Hopefully someone can help who are in a similar situation.
We are UK VAT registered and under the Flat Rate Scheme of 7.5%..but cannot claim back any VAT.
As you know Amazon moved their invoicing only business to the UK so we are now paying VAT on their fulfilment and selling fees. Doing the calcs it is now time to move to the 20% rate so we can reclaim VAT . Works out about the same in yearly HMRC VAT but now means we do not have a turnover threshold to adhere to.
My question is ; We use Clearbooks for VAT returns. Always been a doddle with the Flat Rate scheme but absolutely no idea how to claim back vat on fees. We have found the area to download weekly VAT charges to Excel.
If any business on here uses Quickbooks, Clearbooks etc, if you could point us in th eright direction on how we reclaim VAT on fees it would be amazingly helpful.
Apologies. We have been Flat Rate since we started 11 years ago so this really is teaching an old dog new tricks!
6 replies
Seller_MT8rt0A2OpbCx
We use Quickbooks and have only used the standard scheme. It is not too difficult, however I have been doing it since Julius Caesar was Prime Minister.
I believe the first thing is to inform HMRC and you would need to change at the start of a VAT quarter. If you haven't already, you should register for Making Tax Digital. In your accounting package you need to find a setting the change the scheme. After that its just a case of entering sales with the correct VAT code. You should be able to see the net of VAT figures, the amount of VAT and gross, This should be the total amount paid by the customers before any deductions for fees, etc. We have a bank account set up in QB for Amazon. Total Sales proceeds go to this. Any invoices from suppliers, expenses and Amazon fee invoices are processed in the same way, with the correct VAT code. We pay the Amazon fees from the Amazon bank account each month and all disbursements are transfers from Amazon to current. You should be able to reconcile the Amazon account against the statements on your seller central.
Whether you can claim any VAT on your current stock and assets, I don't know. You would need to ask your accountant.
Your VAT returns should just be a couple of clicks.
Good luck.
UK VAT For Amazon Sellers help
Hi All,
Hopefully someone can help who are in a similar situation.
We are UK VAT registered and under the Flat Rate Scheme of 7.5%..but cannot claim back any VAT.
As you know Amazon moved their invoicing only business to the UK so we are now paying VAT on their fulfilment and selling fees. Doing the calcs it is now time to move to the 20% rate so we can reclaim VAT . Works out about the same in yearly HMRC VAT but now means we do not have a turnover threshold to adhere to.
My question is ; We use Clearbooks for VAT returns. Always been a doddle with the Flat Rate scheme but absolutely no idea how to claim back vat on fees. We have found the area to download weekly VAT charges to Excel.
If any business on here uses Quickbooks, Clearbooks etc, if you could point us in th eright direction on how we reclaim VAT on fees it would be amazingly helpful.
Apologies. We have been Flat Rate since we started 11 years ago so this really is teaching an old dog new tricks!
UK VAT For Amazon Sellers help
Hi All,
Hopefully someone can help who are in a similar situation.
We are UK VAT registered and under the Flat Rate Scheme of 7.5%..but cannot claim back any VAT.
As you know Amazon moved their invoicing only business to the UK so we are now paying VAT on their fulfilment and selling fees. Doing the calcs it is now time to move to the 20% rate so we can reclaim VAT . Works out about the same in yearly HMRC VAT but now means we do not have a turnover threshold to adhere to.
My question is ; We use Clearbooks for VAT returns. Always been a doddle with the Flat Rate scheme but absolutely no idea how to claim back vat on fees. We have found the area to download weekly VAT charges to Excel.
If any business on here uses Quickbooks, Clearbooks etc, if you could point us in th eright direction on how we reclaim VAT on fees it would be amazingly helpful.
Apologies. We have been Flat Rate since we started 11 years ago so this really is teaching an old dog new tricks!
6 replies
6 replies
Seller_MT8rt0A2OpbCx
We use Quickbooks and have only used the standard scheme. It is not too difficult, however I have been doing it since Julius Caesar was Prime Minister.
I believe the first thing is to inform HMRC and you would need to change at the start of a VAT quarter. If you haven't already, you should register for Making Tax Digital. In your accounting package you need to find a setting the change the scheme. After that its just a case of entering sales with the correct VAT code. You should be able to see the net of VAT figures, the amount of VAT and gross, This should be the total amount paid by the customers before any deductions for fees, etc. We have a bank account set up in QB for Amazon. Total Sales proceeds go to this. Any invoices from suppliers, expenses and Amazon fee invoices are processed in the same way, with the correct VAT code. We pay the Amazon fees from the Amazon bank account each month and all disbursements are transfers from Amazon to current. You should be able to reconcile the Amazon account against the statements on your seller central.
Whether you can claim any VAT on your current stock and assets, I don't know. You would need to ask your accountant.
Your VAT returns should just be a couple of clicks.
Good luck.
Seller_MT8rt0A2OpbCx
We use Quickbooks and have only used the standard scheme. It is not too difficult, however I have been doing it since Julius Caesar was Prime Minister.
I believe the first thing is to inform HMRC and you would need to change at the start of a VAT quarter. If you haven't already, you should register for Making Tax Digital. In your accounting package you need to find a setting the change the scheme. After that its just a case of entering sales with the correct VAT code. You should be able to see the net of VAT figures, the amount of VAT and gross, This should be the total amount paid by the customers before any deductions for fees, etc. We have a bank account set up in QB for Amazon. Total Sales proceeds go to this. Any invoices from suppliers, expenses and Amazon fee invoices are processed in the same way, with the correct VAT code. We pay the Amazon fees from the Amazon bank account each month and all disbursements are transfers from Amazon to current. You should be able to reconcile the Amazon account against the statements on your seller central.
Whether you can claim any VAT on your current stock and assets, I don't know. You would need to ask your accountant.
Your VAT returns should just be a couple of clicks.
Good luck.
Seller_MT8rt0A2OpbCx
We use Quickbooks and have only used the standard scheme. It is not too difficult, however I have been doing it since Julius Caesar was Prime Minister.
I believe the first thing is to inform HMRC and you would need to change at the start of a VAT quarter. If you haven't already, you should register for Making Tax Digital. In your accounting package you need to find a setting the change the scheme. After that its just a case of entering sales with the correct VAT code. You should be able to see the net of VAT figures, the amount of VAT and gross, This should be the total amount paid by the customers before any deductions for fees, etc. We have a bank account set up in QB for Amazon. Total Sales proceeds go to this. Any invoices from suppliers, expenses and Amazon fee invoices are processed in the same way, with the correct VAT code. We pay the Amazon fees from the Amazon bank account each month and all disbursements are transfers from Amazon to current. You should be able to reconcile the Amazon account against the statements on your seller central.
Whether you can claim any VAT on your current stock and assets, I don't know. You would need to ask your accountant.
Your VAT returns should just be a couple of clicks.
Good luck.
