Skip to main content
1
19 OCL
March 26, 2019
Question

MTD - SETTING UP AN ECOMMERCE BUSINESS

  • March 26, 2019
  • 1 reply
  • 0 views

We are an ecommerce business with many years of book keeping/small business record keeping behind us .... we are now contemplating MTD compliance with the aid of QB.

 

We have no concern about the day to day upkeep once we are integrated and functioning correctly in QB’s.  Our concern is confined to taking our pay on order ecommerce trading model with 5 separate sales income streams each with their own expenses and direct commission creditors and direct payments, all eventually landing in our current account from which is drawn our checking account and direct debits etc  ..... and installing the architecture and principles of that process into the architecture and principles of QB’s such that we can press the button and it will correctly work out our tax liability and send a return to HMRC.

 

Anybody else in this position for exchange of problems and solutions?

 

Cheers,

 

Peter.

 

    1 reply

    JamesC
    JamesC
    March 26, 2019


    Hello Peter,

     

    Thanks for your post, great to see the detail required! In my experience as technical support; i think you will be able to set this all up, - I'd get an Pro-Advisor qualified Accountant, a specialist in QB; to assist you in being compliant.

     

    You have 5 separate sales income streams each with their own expenses and direct commission creditors and direct payments.

    This income of yours will all eventually landing in your current account from which is drawn our checking account and direct debits etc

     

    You can set up multiple income streams on QB, these can be categorized and have expenses, commission and payments come out of each of those streams; you'd then deposit the remaining into your current account. You'd do this through the use of an "Undeposited Funds" account, or possibly through the use of income/asset accounts. Formally, this is where the accountant comes in as i can't tell you which type of account you "Should" use for your business.

     

    Have you created a trial account and just run some tests? You don't have to subscribe when selecting trial.

     

    ReportingAccounts
    ReportingAccounts
    May 20, 2019

    I remain somewhat nervous about sending files directly to HMRC though I guess it has to be this way with the MTD requirements.

    Terms & ConditionsAccessibility statement