HMRC Problem…
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- Опубликовано: 25 сен 2022
- Please make sure you get an accountant and solid financial advice before proceeding with an LTD or any finical endeavour.
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In a previous business i was sole trader, i did my own books. This time round i will save time and have an accountant. Think it gives peace of mind, and allows more focus on other aspects of the business.
Absolutely, your right. It was a monkey on my back.
Ive got to say, I admire your honesty in sharing your mistake. Im sure many people have made similar mistakes (myself included) and few would have been so honest about it.
This is the reality of the game, real hurdles that we all need to face at some point, best give out people a heads up. It does annoy me the lack of finical education we get but maybe that’s the point.
Sorry to here that mate everything will be put right with your accountant I just went for a LTD company 4 weeks ago but have an accountant so hope my books are ok but time will tell I'm finding it difficult to get Amazon to change me from sold to ltd been trying for 2 weeks now.
My own fault mate, I take full accountability for it. I should have done the research and had a layout and an accountant at the ready. That’s it, aslong as you have an accountant all should be good.
Good luck Dude
My own fault, I take full responsibility for it but thank you. A good accountant does the job.
We use Dext (receipt bank) and Dext commerce for our portal and have eBay, Amazon, Etsy and all our training solutions linked to Xero. Hope all goes well.
I have heard of them, I’m just with Osome they have been so helpful. Thanks for the suggestions.
@@martynscullion I can see that you might not have though you would need an accountant before getting VAT registered, and even the small package with Osome is a hefty chunk to shell out.
At least you now have an Amazon Topic that there is very, very little education available - and first hand knowledge now of what happens if you go wrong, and what you should or should not do.
Turn this experience into a positive, and let your youtube skills and personality pay off that fine for you!
Ohh mate I feel your pain I’ve started Amazon FBA just under a year ago , I know I need to do a tax return by next April but like you never had any business history and everyone I’ve asked us just said use quick books and keep all your receipts . My Amazon FBA isn’t even cash flow positive yet so I don’t even know if I need to do books if I’m not actually making profit as a director of a limited company . Hope I can find a good accountant in edinburgh !
I used quickbook for about 3 weeks and I realised that I wasnt skilled in accountancy enough to actually manage the books with it. I could only really upload receipts... thats it, and its not enough... I cancelled the sub and just got an accountant sorted
@@Ste-The-Leo how much did an accountant set you back mate if you don’t mind me asking ?
@@bigbucks5533 I went with Osome's small package until I reach VAT registration, probably around the 8 month mark. After that, it's going to go up quite steeply..... but I have a basic understanding of a number of loopholes to pay myself efficiently and to minimise my tax liabilities, and to do them properly requires an accountant who understands my business...
@@bigbucks5533 I'll say something now though, I'm lucky that I'm pretty bright and I'm able to put a lot of admin time into getting systems right early on. The average joe who just thinks they're going to make a tonne of money and it will be easy, is a moron who will fail.
I might want to point out, that even if your company is in debt, you still made profit on your sold goods, and after your sundry expenses, you have tax to pay. For example, you might spend 20K on stock, but that number does not matter at all. What you have to look at, is exactly what you paid for the stock that has now sold. Now think of this as your cost of goods. You take that away from your gross income, and also take away sundry expenses (boxes, tape, labels etc) and that is what profit you make. Even if you made 2K profit but are still 18K in the red because of the stock, you still have to pay tax on the 2K profit.
Im going to guess you tried to do your books on a "cash basis" where you give them the simple figures of what you spent and what you were paid.... Works fine for a sole trader as self-employed, but it's my understanding that Ltd companies work on a Cost Of Goods Sold basis, so you have to work out your exact profit for each individual sale and how much corp tax is to be paid, by collating the profit of each sale and then taking away your sundry expenses etc.
I'm a little over 2 months in and already figured out that I can't handle it on my own ha ha, I went with Osome, and I hope you did too as they have great affiliate offers for RUclipsrs.
In a previous business i was sole trader, i did my own books. This time round i will save time and have an accountant. Think it gives peace of mind, and allows more focus on other aspects of the business.