I'm not sure how to deal with this post Brexit.
Client is VAT registered and has just started selling goods via ETSY.
Can someone please advise as to how I account for the VAT?
We dont use QB which I understand has an app to deal with this and from looking at other posts there is a recommendation to use Greenback?
Replies (5)
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Which bit are you struggling with?
Your vatable turnover will be the sales prices to your customer.
Commission and charges come off that - which will be non vatable, followed by a net receipt to your bank account.
There will be some kind of statement available from Etsy. to show this.
If your client is selling to EU consumers via Etsy, then Etsy should be liable for charging VAT to the EU consumer, your client making a zero rated "deemed sale" to Etsy.
Not sure what your particular question/issue is, can you be more specific?
Part of the benefit of Etsy is that you set up the shop through them, advise of your VAT status and they charge the applicable rates as and when required. I'm not sure it's actually possible to set the VAT status or rates yourself per item or per sale.
The reports they provide should be sufficient to gather the information for the VAT returns.
I've spent the last couple of hours looking for an Etsy report showing sales and customer locations, and can't find it, does anybody actually know for certain that Etsy do a report that's of any use for owrking out the VAT ?