Fortune Solicitors

Today our topic is 𝗪𝗛𝗔𝗧 𝗜𝗦 𝗩𝗔𝗧 𝗨𝗞:
VAT stand for ‘’Value Added Tax’’ charged by HRMS (Her Majesty's Revenue and Customs – UK Tax Department) to his citizen or who owned business in UK quaterly.
There are three scenario to sell in UK
a) No VAT Registration Needed
b) Flat Rate Scheme 7.5%
c) Mainstream Scheme 20%
If you sell on Amazon UK and your yearly revenue is up to GBP 85000 then there is no need for VAT registration. However, if you are selling in UK from outside UK (i.e you sell from other country) than VAT registration is mandatory from 1st day.
Now, the second scenario is if you sell on Amazon UK and your Revenue is more than GBP 85000 than VAT registration is mandatory, either you sell from inside or outside UK, you can registered yourself under any of following schemes:
1) Flat Rate Scheme 7.5% p.a
2) Mainstream Scheme 20%p.a
If you registered yourself under Flat Rate Scheme than you have to pay 6.5% for first year and 7.5% from onward, but the threshold for Flat Rate Scheme is up to GBP 230, 000, after that you are eligible for Mainstream VAT.
𝗦𝗼𝗺𝗲 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗼𝗳 𝗩𝗔𝗧 𝗥𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻𝘀:
a) By registering yourself in any scheme of VAT seller can avail Auto Invoice Facility free of cost from Amazon to provide his buyer otherwise prepare by own.
b) Amazon deduct VAT 20% from his fees (i.e FBA fee and Referral Fee) so, by registering yourself you can save this your cost
c) If you registered yourself in 20% Scheme you are also eligible to claim extra taxes paid in UK (I.e Tax paid in Port clearance in UK, to Supplier, and other Purchases in UK). Under Flat Scheme you can’t claim extra taxes.
𝗦𝗼𝗺𝗲 𝗥𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀:
✨ If you are selling from outside UK then obvious you don’t have any expenses invoice in UK. So, Flat Scheme is recommended until threshold cross. However, you claim some taxes but all over you will have to paid 10 to 12 % extra.
✨If you are living in UK and selling than you have many extra expenditure invoices so you make benefits from Mainstream Scheme and claim your taxes.
✨For Wholesale module you have to pay 20 VAT to supplier on purchases as well. So, from 1st day registered yourself in Mainstream VAT otherwise your profit margin reduced and you paid tax twice.
✨In PL module you registered yourself as per Quarterly Projection Reports. Your projection report define your sale in the end of year, so you can registered yourself as per projection.

Types of Taxes we Pay while Doing Business:
There are 4 kinda taxes we pay in the course of our business time:
GST (General Sales Tax)/HST (Harmonised Sales Tax)
VAT (Value Added Tax)
We pay the above taxes in the country where we are selling our products. For example, if you are selling your products in the US, then you have to pay GST in the US. HST is a sales tax in Canada. VAT is paid in the EU and the UK mostly.
3. Income Tax
4. Corporate Tax
These taxes are paid in the country where we have registered our company. For example, if we have a US LLC then we have to pay these taxes in the US. But if we have a UK Ltd company and we are selling in Australia, then we have to pay these taxes to the UK govt and not to the Australian govvernment.

Why LLC is important for wholesale business?
LLC, or Limited Liability Company, is a popular legal structure for businesses, including wholesale businesses. There are several reasons why LLC is important for wholesale business:
Limited liability: One of the main advantages of forming an LLC is that it provides limited liability protection to its owners. This means that the owners' personal assets are protected in the event that the business is sued or incurs debts or liabilities. In a wholesale business where large transactions and liabilities are common, limited liability protection can be crucial.
Flexibility: LLCs are known for their flexibility in terms of management and taxation. LLCs can be managed by the owners themselves or by appointed managers, and they can choose to be taxed as a partnership or a corporation. This flexibility allows wholesale businesses to choose the management and tax structure that best fits their needs.
Credibility: Forming an LLC can add credibility to a wholesale business, especially when dealing with suppliers and customers. An LLC provides a more professional image and can help establish trust with potential partners and clients.
Separation of personal and business assets: Forming an LLC separates personal assets from business assets, which can help protect personal assets from being used to pay off business debts or liabilities. This separation can be important in a wholesale business where large transactions and debts are common.
Overall, forming an LLC can be an important step for wholesale businesses in terms of protection, flexibility, credibility, and asset separation. It is important to consult with a legal and financial professional to determine if an LLC is the best structure for your specific wholesale business needs.

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Happy New Year 2022
May the New Year bring us blessings, answered prayers, success, happiness, clarity, direction and the manifestation of what we truly want…
May we all stay healthy in mind, body, and spirit so we can experience all that’s best possible for us….

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Fortune Solicitors | Legislative Drafting & Corporate Solutions Worldwide synodical devise up for Sages The manners prescribed for legislation. Legislation passed or proposed to be passed. Introduction and passing of bills. Read More High end solutions for high end problems All legislative proposals. Distribution of legislative powers. The legislative componence...

International investment agreements, Instruments of bilateral investment treaties, National treatment (NT), fair and equitable treatment (FET), Most Favoured Nation (MFN), non-discrimination, expropriation only with compensation and protective clauses. Investor state dispute settlement, protection of investment, investors and to regulate the foreign investment in accordance with domestic legal frame work and in the light of United Nations Commission on trade law conventions.

https://fortunesolicitors.com

Fortune Solicitors | Legislative Drafting & Corporate Solutions Worldwide synodical devise up for Sages The manners prescribed for legislation. Legislation passed or proposed to be passed. Introduction and passing of bills. Read More High end solutions for high end problems All legislative proposals. Distribution of legislative powers. The legislative componence...

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Fortune Solicitors | Legislative Drafting & Corporate Solutions Worldwide synodical devise up for Sages The manners prescribed for legislation. Legislation passed or proposed to be passed. Introduction and passing of bills. Read More High end solutions for high end problems All legislative proposals. Distribution of legislative powers. The legislative componence...

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Fortune Solicitors | Legislative Drafting & Corporate Solutions Worldwide synodical devise up for Sages The manners prescribed for legislation. Legislation passed or proposed to be passed. Introduction and passing of bills. Read More High end solutions for high end problems All legislative proposals. Distribution of legislative powers. The legislative componence...

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Fortune Solicitors | Legislative Drafting & Corporate Solutions Worldwide synodical devise up for Sages The manners prescribed for legislation. Legislation passed or proposed to be passed. Introduction and passing of bills. Read More High end solutions for high end problems All legislative proposals. Distribution of legislative powers. The legislative componence...

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Fortune Solicitors | Legislative Drafting & Corporate Solutions Worldwide synodical devise up for Sages The manners prescribed for legislation. Legislation passed or proposed to be passed. Introduction and passing of bills. Read More High end solutions for high end problems All legislative proposals. Distribution of legislative powers. The legislative componence...