Accountants for Bigcommerce 

Accountants for Bigcommerce

It is critical to ensure that your accountant is a member of professional bodies such as AAT, CIPFA, CIMA, ICAS, or the ACCA. These organizations have standards for their members which ensures that you get only the best quality service from the practitioner. GM professional accountants are specialists in E-commerce businesses most of which have to deal with eBay, PayPal and Amazon transactions. We have in house specialists with the skills and experience to extract the accounts and reports needed to meet VAT and accounting deadlines.

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When should E-commerce Sellers File their Taxes

There are different dates for the filing of returns depending on what type of business you set up when you registered your e-commerce business. If you are set up as a sole proprietorship you have to submit your tax returns January the 31st. However, if you are set up as a limited company the tax man expects you to file your taxes no later than 270 days after the end of the accounting year.

Allowable Expenses, What is Deductible?

You are expected to keep accounts of all expenditures for every item sold by your e-commerce business.
1. E-commerce Fees – Include postage fees, bank costs, and PayPal fees.
2. Accounting Expenses – Whether you use accounting software or you have hired a qualified accountant, you could be eligible for tax filing deduction and tax preparation expenses.
3. Damaged or Returned Items – To claim any deductions you need to have records of beginning and ending inventory.
4. Reselling
5. Travel Expenses – If you have to travel to deliver packages or buy the products you sell, you could be eligible for travel expense deductions.
6. Home Office Deductions – If you run the e-commerce business from a home office you may be eligible for tax deductions as long as you can prove the office is used exclusively for the business.
7. Taxes associated with the shipping costs for your items
8. Manufacturing costs for materials, tools, and supplies
9. Office Equipment Expenses – You are eligible for deduction on services and office supplies that include computers, furniture and internet service among other expenses.

Accounting Services an E-commerce Trader Needs
Some of the services that your e-commerce limited company may need include: 1. Statutory company accounts
2. VAT returns per quarter
3. CT600
4. Bookkeeping
5. Abbreviated accounts
6. Confirmation statement
7. Payroll
8. Pension compliance statement
9. Self-assessment directors’ tax return

You have to keep in mind that the process of sale and distribution of good and its acquisition follows a certain process. The best way to improve your business is by making the process as efficient as possible. GM professional accountants provide reminders for your self-assessment returns, Payroll, VAT and Company accounts.

Depending on the set up of your business you may not have to file VAT if you are not registered. However, once you have a turnover of 85,000 you will need to file VAT. You have to keep meticulous records and register the company once you attain the threshold to keep yourself compliant. GM professional accountants help you understand what expenses are deductible so that you can retain as much of your profits as is legal. We make sure you have a good understanding of what expenses are exclusively isolated from your business.

GM Professional Accountants are based in London, Manchester, Birmingham and Essex.