New seller - question on correct documents used to prepare VAT returns
Hi all,
I’m relatively new to selling on Amazon and needed some basic advice on the simplest way to present information for my book keepers to prepare VAT returns.
We have been VAT registered for many years (as we have a core business which is a bricks and mortar pharmacy. Our book keepers are good at dealing with NHS payment schedules and till reports, but unfortunately do not seem to be up to speed on this, so I am having to help them work out how to handle it.
My questions relate to accounting for VAT collected on sales.
For sales, do Amazon sellers usually have to work out VAT collected from individual transaction report that Amazon provide to download – or is there some kind of “statement” which can be used which shows sales in different VAT categories. (I was hoping there is a statement!)
What documents do you usually use to prepare your VAT returns?
Kind regards & sorry if I’m not altogether clear.
0 replies
Seller_z6B2L9xab6HlP
All Amazon sales are inclusive of any applicable VAT, so that might make it slightly easier to work out.
The alternative is to sign up to Amazon’s VAT Calculation Service and that would require you setting the appropriate VAT categories on each product (or they’ll likely assume it’s standard rated). Some sellers have reported the VAT Calculation Service sometimes getting things wrong (e.g. zero rating transactions that shouldn’t be zero rated - but that might be a reverse charge issue)
