VAT taxable turnover - £90K threshold (inclusive of FBA fees)?
Hello, This accounting yeat I have come close to the VAT threshold (including all Amazon "expenses" such as FBA fees).
These expenses come to almost £20K (roughly half of which are FBA fees {carriage, warehousing etc}).
Should I be including FBA fees when calculating my VAT taxable turnover?
Thanks
VAT taxable turnover - £90K threshold (inclusive of FBA fees)?
Hello, This accounting yeat I have come close to the VAT threshold (including all Amazon "expenses" such as FBA fees).
These expenses come to almost £20K (roughly half of which are FBA fees {carriage, warehousing etc}).
Should I be including FBA fees when calculating my VAT taxable turnover?
Thanks
0 replies
Seller_MT8rt0A2OpbCx
Turnover is sales, i.e. the total of what the customers pay including postage they pay, in a rolling 12 month period, for all platforms or outlets you sell in.
Seller_mS10UjVYuuGor
The way you phrase the question is odd. Amazon fees are part of your business expenses that you could potentially reclaim the VAT on rather than included in your VAT taxable turnover.
Your turnover is your sales revenue (from all channels).
Your expenses are your stock, shipping, Amazon expenses, advertising etc etc.
If your sales revenue is at or close to £90K you need to look at registering for VAT.
If your expenses are at or close to £90K you may wish to look at registering for VAT as it maybe beneficial to you.
If your turnover (sales) are £70K and your expenses (inc Amazon fees) are £50K it may not be time to register for VAT yet.
If you are unsure on any point the best person to seek advice from is an accountant.
Seller_RlZVPg3d6ZUGP
Remember also that its not the amount that hits your bank account, its actual sales
