Help on warning from amazon Individual Seller to select buisness
hello..!
Can someone help me out in this..
Today morning a recieved an email from amazon saying i choosed individual entity because i didn’t want to register any buisness to get involved in vat filing and all stuff,now amazon giving a warning notification in my display to change the entity for the verification of my account,its happening right after submitting bank statement for account verification,even i created my account 5 months ago,please someone come up with the solution
Seller_k2X0L9mVRT0pW
the Individual account is only for selling off second hand goods. Have you listed goods as New?
Seller_vDA16sXHVT3he
amazon’s charging alot tax already now need to give tax to hmrc as well,then what we are earning as a small buisness at the end?
Seller_FQHkqHJI5SqTh
Platforms like Amazon have an obligation to report sellers' earnings to HMRC.
If HMRC believe you have a tax liability they will come knocking and Amazon asking you register as a business will be the least of your worries.
Not only will you be liable for any unpaid tax, but also interest and fines for not submitting a tax return.
If this is a side hustle and you have a day job that pays more than the tax allowance you will have a tax obligation on your profits.
Seller_mS10UjVYuuGor
The people giving you advice on here are all businesses paying their taxes to HMRC as well as Amazon fees.
Seller_vDA16sXHVT3he
dear paying tax is not a problem its obvious if we earn we need to pay taxes but i just wanted to run off registering a buisness and then book keeping then filing expensenses rpofits losings all this hurdle is a headache adding in the work,so suggest me a simplest way that could time money and pain of head,thanks
Seller_ZVAz3d5lZuGid
" i just wanted to run off registering a buisness and then book keeping then filing expensenses rpofits losings all this hurdle is a headache adding in the work,so suggest me a simplest way that could time money and pain of head,thanks"
There isn't a simpler way of getting away with them all - the law is the law, and rules are rules, unless you employ/pay an accountant who will do everything for you, but you still need to provide them with all your business paperwork, invoices, receipts, and Amazon transaction reports.. Everything that has been explained to you is a legal requirement, and running a business is not for the faint-hearted.
Just out of interest, where are you based - do you actually LIVE in UK, because that could also affect what you need to do.
Seller_Fg2fqaWOnEtha
If you sell little your self assessment will be short and easy on Excel but if you look around you will find software for around £10 a month that keeps track of everything you sell and spend. When it's time to fill your self assessment you just run a report. Obviously if your business is a success you will eventually need an accountant, but for the time being you can find other solutions without going insane.
Seller_76AUwmqvSyRIM
OneStepSTORE - you sound like a business to me.
Seller_MT8rt0A2OpbCx
Seller_vDA16sXHVT3he
Register as a business with HMRC. You are buying to sell for a profit, so you are a business. You don't have to register for VAT until you reach the £90,000 threshold, unless you live or conduct the business from outside the U.K. (not just registered in the U.K. at a virtual office), in which case you need to be VAT registered straight away.
Once that's done, change your account to professional, go through verification and start selling legally, and, more importantly, within Amazon's terms.
Don't believe anything you read outside Amazon Seller University, or HMRC.
Seller_MT8rt0A2OpbCx
Seller_ZVAz3d5lZuGid
If the OP is a UK resident, they may be able to get a free short consultation with an accountant before any further commitments. It would be a good idea to delve into Seller university first and HMRC, so the advice makes some sense and the time isn't spent explaining a few terms.
@Seller_vDA16sXHVT3he Try to find an accountant with some Amazon experience.
Seller_l9DWGFvAaJQ2I
I think if you're coming into this clueless, and want to operate below the radar as a side hustle, and haven't a clue how HMRC or companies house works, or accounts and tax, then you are in for a total hiding.
Amazon will probably suspend you anyway before you get too far.
As others say, it's not a get rich quick overnight thing.
You need to do your homework, lots of it by the sound of things, and come back when you have at least a tiny bit of grasp of the absolute basics.
Start with Ebay. Amazon is for adults who enjoy, and want to frequently gently tap their heads against a brick wall
