Calculating turnover
Hi
I have a question if someone can help please. Come February i think i may be at the threshold for VAT. (£90,000)
I dont want to register for VAT as my profits are small so im trying to keep below the rolling threshold for VAT.
Am i correct that my product sales (as viewed from the homepage in the app) currently at £52,000 is equal to the turnover. Im using this figure to ensure it stays below £90K.
I see from the forum link below that someone states that you need to add all FBA and seller fees if previously claiming vat exemption (which i did up to last month) over the rolling 12 months to the turnover (product sales) to actually calculate turnover .
i.e 52K products sales + all vat exempt fba and seller fees = Turnover
Is this correct and could someone explain this to me as i dont understand the reason why i need to add the fees
Thanks in advance
https://sellercentral-europe.amazon.com/seller-forums/discussions/t/c8a4c7d600e019ba11c0dea71876821a
3 replies
Seller_Yjq4AEoa0h74s
Up until 1st August, the fees were charge exclusive of VAT.
These services need to be accounted for using the reverse charge VAT mechanism.
Any services that fall under the reverse charge VAT mechanism must be included in turnover calculations
This got us, when we decided that we would be hitting the threshold in a few months, our new accountant informed us that we hit the threshold about 3 months prior.
Calculating turnover
Hi
I have a question if someone can help please. Come February i think i may be at the threshold for VAT. (£90,000)
I dont want to register for VAT as my profits are small so im trying to keep below the rolling threshold for VAT.
Am i correct that my product sales (as viewed from the homepage in the app) currently at £52,000 is equal to the turnover. Im using this figure to ensure it stays below £90K.
I see from the forum link below that someone states that you need to add all FBA and seller fees if previously claiming vat exemption (which i did up to last month) over the rolling 12 months to the turnover (product sales) to actually calculate turnover .
i.e 52K products sales + all vat exempt fba and seller fees = Turnover
Is this correct and could someone explain this to me as i dont understand the reason why i need to add the fees
Thanks in advance
https://sellercentral-europe.amazon.com/seller-forums/discussions/t/c8a4c7d600e019ba11c0dea71876821a
Calculating turnover
Hi
I have a question if someone can help please. Come February i think i may be at the threshold for VAT. (£90,000)
I dont want to register for VAT as my profits are small so im trying to keep below the rolling threshold for VAT.
Am i correct that my product sales (as viewed from the homepage in the app) currently at £52,000 is equal to the turnover. Im using this figure to ensure it stays below £90K.
I see from the forum link below that someone states that you need to add all FBA and seller fees if previously claiming vat exemption (which i did up to last month) over the rolling 12 months to the turnover (product sales) to actually calculate turnover .
i.e 52K products sales + all vat exempt fba and seller fees = Turnover
Is this correct and could someone explain this to me as i dont understand the reason why i need to add the fees
Thanks in advance
https://sellercentral-europe.amazon.com/seller-forums/discussions/t/c8a4c7d600e019ba11c0dea71876821a
3 replies
3 replies
Seller_Yjq4AEoa0h74s
Up until 1st August, the fees were charge exclusive of VAT.
These services need to be accounted for using the reverse charge VAT mechanism.
Any services that fall under the reverse charge VAT mechanism must be included in turnover calculations
This got us, when we decided that we would be hitting the threshold in a few months, our new accountant informed us that we hit the threshold about 3 months prior.
Seller_Yjq4AEoa0h74s
Up until 1st August, the fees were charge exclusive of VAT.
These services need to be accounted for using the reverse charge VAT mechanism.
Any services that fall under the reverse charge VAT mechanism must be included in turnover calculations
This got us, when we decided that we would be hitting the threshold in a few months, our new accountant informed us that we hit the threshold about 3 months prior.
Seller_Yjq4AEoa0h74s
Up until 1st August, the fees were charge exclusive of VAT.
These services need to be accounted for using the reverse charge VAT mechanism.
Any services that fall under the reverse charge VAT mechanism must be included in turnover calculations
This got us, when we decided that we would be hitting the threshold in a few months, our new accountant informed us that we hit the threshold about 3 months prior.
