Accountants for Etsy UK Seller businesses

Accountants for Etsy Ecommerce businesses

There is little doubt you have heard of Etsy, the online marketplace where buyers are connected with sellers offering handmade, craft and vintage items.

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Whether you are considering becoming an Etsy seller or you are one already, it would be prudent to consider taking on an accountant. Appointing a professional who is well-versed in the financial requirements of a small business leaves the owner free to concentrate on the things that matter to them: building their customer base and increasing sales.

Which Accounting service does an Etsy seller need?

No matter whether you have just started or have been trading for some time, you will have financial affairs that require management. Some of the particulars of what you need may change, others are constant.

Bookkeeping is a prerequisite for a business to function properly. In addition, limited companies need to be aware of several other obligations including quarterly and annual filing of accounts, RTI and PAYE reporting, VAT returns and Corporation Tax liabilities.

Not only does efficient financial work reduce the likelihood of being subjected to an audit, but should that come about, a professional accountant can help you handle it.

Dealing with Companies House and HMRC can be a daunting experience for the uninitiated not least because laws and regulations change. On top of that, in the event your business is selected for a random check into VAT or Corporation Tax, HMRC will want to see evidence that you have been claiming the correct amount of VAT or that revenue and expenses have been properly declared.

If you are one of the business owners who employs staff you will be aware of how time-consuming a procedure payroll processing can be. If you are not, you may be interested in learning more about rules around your residence being your place of work.

A knowledgeable expert will do the heavy lifting where it comes to paying your staff and will also be able to advise you on which expenses you can claim to minimise your outgoings, distance selling thresholds and when to register VAT. thresholds and when to register VAT.

Allowable expenses include:

Commissions

Purchase of goods

Postage and carriage

Subscription fees

Residence as office

Accountancy fees

Marketing Fees

Directors Salaries

Hiring an accountant will give you peace of mind and a safety net if things take an unexpected turn.

Looking to the future

It is not solely about reactive measures – accomplished accountants are also able to provide proactive assistance. Drawing up business and sales plans, producing economic forecasts and advising on pricing are further forms of invaluable support for the ambitious entrepreneur who is keen to succeed.

To be certain you get the quality of service you seek, be sure to look for and appoint a licensed accountant with experience in the type of work you need done. It is a false economy to cut corners in this respect.

Recruiting a professional accountant will save you time, money and stress. That way, you will be in a position to dedicate your efforts to the very thing that drew you to Etsy in the first place: the chance to interact in a marketplace without too much hassle.

Here at GM Professional Accountants we are committed to saving you money. Get in touch for a no-obligation chat about how we can help you.