Recent content by friddgoo
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How to report Amazon withheld VAT (£15,000) in Micro Accounts (01-08-2023 to 31-07-2024)?
Hi, We currently show a loss of £3,500, but without this adjustment, we would have a profit of approximately £11,500. We began Amazon FBA operations on 01/08/2020. If Amazon, as the party responsible for VAT, reported the full gross sales to HMRC, this could create a discrepancy of around...- friddgoo
- Post #10
- Forum: Accounts & Finance
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How to report Amazon withheld VAT (£15,000) in Micro Accounts (01-08-2023 to 31-07-2024)?
my accountant suggest : Reduce Net Turnover (Preferred for Simplicity) You reduce your total turnover by £15,000. You report only the amount you actually received from Amazon as your turnover. You must clearly explain in the notes that £15,000 was deducted from gross sales to cover historic...- friddgoo
- Post #5
- Forum: Accounts & Finance
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How to report Amazon withheld VAT (£15,000) in Micro Accounts (01-08-2023 to 31-07-2024)?
Hello, Between January and August 2024, Amazon withheld £15,000 from our company’s sales proceeds to remit historic VAT liabilities from 2021 to 2023. Important context: Under UK VAT e-commerce rules, we are not established in the UK for VAT purposes. Amazon was the deemed supplier for...- friddgoo
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- Forum: Accounts & Finance