Recent content by Lampre92

  1. L

    How do you manage inventory value? How much should accountants take care of?

    Hi, the only manual accounting work we do is uploading invoices from suppliers to "Dext". Everything else is done automatically with software, it syncs all of our data from the sales channels.
  2. L

    How do you manage inventory value? How much should accountants take care of?

    Hi all, I did originally write a big waffling post but it contained a lot of useless information, if you need more information please let me know! We sell products online, we import 90% of our goods from abroad and as such in the past few years the cost have varied massively, currency changes...
  3. L

    Royal Mail account charges VAT?

    Yeah it was a while back, eBay postage cost was a few pennies less so we stayed with eBay as it was easier for us at the time, if we had known we couldn't claim back VAT on eBay postage we would have moved.... Live and learn!
  4. L

    Royal Mail account charges VAT?

    That makes more sense and it explains the account managers email referring to them as 24 & 48 instead of 1st & 2nd. Do you know if the service for the customer is better receiving a 24 parcel vs 1st class?
  5. L

    Royal Mail account charges VAT?

    Thank you. Gutted I didn't click onto this earlier, I thought buying it through eBay would also let me claim back the VAT but it appears not.
  6. L

    Royal Mail account charges VAT?

    Hi all, currently we ship around 900 parcels a month through eBay, all via Royal Mail either 1st class large letter OR 1st class small parcel. We are a new business and our accountant is just filing our first VAT return where it has become apparent the shipping is VAT exempt. I have done some...
  7. L

    Help with profit calculation

    Ah! Yes I understand now. So it means my sale price excl VAT is not £18.36 it's actually £19.10?
  8. L

    Help with profit calculation

    Thanks for the reply! I don't quite understand the 16.67% can you explain that further? I thought the below would have had VAT charged on them so I would owe 20% (or 16.67%??)? Postage cost (£3.44) eBay fees (£2.54) Product cost (£6.19) Product sale (18.36) I am even more confused now. Sorry
  9. L

    Help with profit calculation

    Hi all, currently going through the process of becoming VAT registered so spending some time looking over some numbers and would like to see the difference in my net profit margin, can someone confirm I am doing it correct? Product cost = £7.42 (£6.19 * 0.2 vat = £7.42) Product sale price =...
  10. L

    eBay requiring VAT registeration

    I don't think it will be an issue as everytime I explained the situation to the support reps they didn't seem to have an issue and I believe it's normal practise to start an eBay store as an individual and then if/when it takes off you then create a LTD company. If you click any eBay listing...
  11. L

    eBay requiring VAT registeration

    To be frank no, I haven't. I've been self employed for a while and always done my own self assessment but this new business venture has turned over far more than I used to so I finally got an accountants (very expenspve - £300/m) so I am hoping they sort most of it for me but I will bring this...
  12. L

    eBay requiring VAT registeration

    When going through the process it required a lot of information about me address history, name ect and then went on to attach the company to the application so I'm really hoping it goes smooth.
  13. L

    eBay requiring VAT registeration

    I really don't need anything else to go wrong lol! I have a manufacturing defect with 1 product and need to set the quantity to 0, this isn't possible as I'm not VAT registered (???) so I called eBay and the British lady I spoke to was amazed my listings are even still live so she told me to...
  14. L

    eBay requiring VAT registeration

    I have registered as the LTD as the eBay account is a business account?
  15. L

    eBay requiring VAT registeration

    I finally got through to an Irish call center who were willing to temporarily "unlock" the account on the condition I email in paperwork of the new LTD however the restriction never got removed and have since spoken to the same call center who say the previous person I spoke to was incorrect and...
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