Bookseller considering VAT registration.
I'm considering VAT, registration in order to recover VAT on purchases, even if my sales are far below the threshold. of £ 80,000.
Since I only sell books, I would not have VAT on sales, therefore I hope to recover about £1,000 on purchases and Amazon fees.
How easy or difficult would it be, to manage the process by myself?
Thank you for your kind advise.
Guy
0 replies
Seller_QuM1AZgzfU9x4
Back when i was only selling books i voluntarily registered for VAT as it meant decent savings. It was really straightforward, but i did use an accounts package to pull the numbers off of Amazon and have to semi-manually input my other VAT expenses. Then i just had to make sure the filings looked ok.
Edit - i should add, the actual process of getting a VAT number was super easy and all online.
Seller_mxez2L8QjE6WW
Being registered for VAT when selling used books is money for old rope!! You can claim for all VAT paid (packaging, carriage, fees & so on), & get a nice little cheque from HMRC every quarter. Amazon sends you a VAT statement regarding VAT on fees.
Seller_VpTps3nNkV8hZ
With "Making Tax Digital" you need to use some third party software to upload the VAT returns.
There are loads of different accountancy packages available.
"Anna Money" has a variety of different packages starting with basics of just completing the VAT form and they upload to HMRC to doing all the accounting.
Seller_PU8ypkNZEJU9p
I don't think it's as easy as that! I would speak to an accountant first
Seller_40ozsHlGqPuEL
Good luck, here`s some information I found for you to consider?
In the UK, both new and old books are generally zero-rated for VAT purposes. This means you do not charge VAT on the sale of books, regardless of their age.
Zero-Rated: Books, including antique and second-hand books, are zero-rated for VAT. This applies to most printed books, booklets, brochures, pamphlets, and similar printed matter.
VAT Recovery: You can still reclaim VAT on business-related purchases and expenses, even if your sales are zero-rated.
However, I would seek professional viewpoint of course. You can find fairly cheap account software too, so no real need to employ an accountant in the long term.
Seller_0VOpuaMlnPkFc
I use QuickBooks to get VAT submissions to HMRC and find it pretty easy. I'm on the flat rate scheme though so my situation may be a little more straightforward. This may not apply to you, but I also use Link My Books. It integrates with Amazon and Quickbooks and does all the VAT calculations on sales, fees and advertising.
Also getting VAT registered with HMRC was surprisingly straightforward and quick as well.
