There are two ways of looking at the rise of online stories: they’re either a threat, taking a growing slice of the market and putting the high street under pressure; or they represent an opportunity.
Retail businesses that seize the opportunity presented by eCommerce have a great chance to grow and find new customers.
As people increasingly shop from laptops, tablets and smartphones from the comfort of their own homes and offices, a virtual high street has emerged, and you need to have a shopfront on it.
Equally, there are ways to leverage the amazing reach of the big players such as Amazon and eBay to create businesses built entirely on these new platforms.
However you approach it, selling goods and services online, especially globally, introduces all sorts of tax and reporting challenges.
For example, if a UK company sells a product from a warehouse in China to a customer in Australia via a US online auction platform, where do they pay tax on the sale? And how much?
Many online retail businesses are also run on a small scale to provide additional sources of income. The very smallest internet businesses may not have to pay any tax at all. Others will find they have a more complicated tax situation to deal with, accounting for multiple sources of income.
Having served at board level in various successful eCommerce businesses – this is a special area of interest for Ian Briant – we can help you navigate these unfamiliar waters and make the most of the opportunity they present..
Online retailing advice;
- Business structures
- Your platform or third-party
- Tax on international sales
- Import and export duties
Talk to us today
Arrange a chat with Tom, Ian or another member of our accounting team so we can learn more about you, your business and how Briants can help.