Online auction platform eBay is warning online sellers to get ready for an early Christmas to make the most of the critical holiday period.
So far, 2020 has been a strange year for retailers. While many physical shops have struggled with very low footfall, many online retailers have seen their orders increasing.
Rishi Sunak is reportedly weighing up a new tax on goods sold over the internet as the Chancellor considers options to save the high street post-lockdown. But what would this mean for online sellers?
The plans could include a 2% levy on all online sales, which would raise £2bn per year for the exchequer, or an additional charge on deliveries.
The online sales tax is being considered as part of broader plans to support ‘bricks and mortar’ retailers in the aftermath of the coronavirus pandemic, particularly on business rates.
Making Tax Digital is a government scheme to digitise business taxation in the UK. It is being rolled out in phases, starting with businesses that pay VAT.
Businesses with a revenue above the VAT threshold must now file VAT returns digitally. And the only way to do this is by using compatible accounting software.
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