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HMRC are cracking down on online market place traders – will this affect your business?

If you currently trade online using ebay / Amazon and Shopify the likely hood is HMRC are investigating your account to see if they see if you are trading as a “hobby” or a “business trader”. If they come to the conclusion that your account is a “business trader” account then you will be required to submit a tax return and could face penalties depending on the outcome of the HMRC investigation.

As accountants we understand this can sound daunting for an online business trader, especially with all the extra time it may take to prepare accounts and tax returns, but don’t worry we’ve got a solution – Cloud based Xero accounting software with add-ons that integrate fully with online market places such as ebay, Amazon and Shopify.

Xero add-ons complement the Cloud based software by allowing two way integration from online market places such as ebay into Xero, where you can raise and send invoices electronically and  track payments into your account online using your SmartPhone, tablet and computer – you only need an internet connection! Our experienced Chartered accountants will then use your Xero accounting data and create your accounts, tax and VAT returns prior to submitting on your behalf.

We put together solutions that are based on a fixed monthly directly debit that is agreed in advance to help you manage your monthly outgoings. These solutions include Xero accounting software subscription, tax returns, accounts, VAT returns and much more. To find out more speak to a member of our Manchester Xero accounting team call 0800 020 9542 or email hello@JacRox.co.

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