Whatnot Accountants
Our team of Whatnot Accountants specialise in providing tailored accounting services for Whatnot sellers to help you focus on growing your business while we handle the numbers.
Whatnot Accountants: Expert Accounting Services for Whatnot Sellers
The rise of platforms like Whatnot has revolutionised the way collectibles, including trading cards, comics, and other rare items, are bought and sold. As a seller on Whatnot, managing your finances and staying compliant with tax regulations can be challenging.
Thats where our team of Whatnot Accountants come into play!
Why Do You Need an Accountant for Whatnot?
Selling on Whatnot often involves complex financial transactions. From live auctions to shipping costs and platform fees, tracking all your income and expenses can quickly become overwhelming. Here’s how an accountant can help:
Tax Compliance: Ensure you’re meeting HMRC requirements for Income Tax, VAT, and Corporation Tax.
Expense Management: Maximise your profits by identifying deductible expenses such as platform fees, shipping costs, and inventory purchases.
Record Keeping: Maintain accurate and organised financial records to avoid issues during tax season.
Growth Advice: Receive expert advice on scaling your business, including whether to set up a limited company for tax efficiency.
Setting Up a Limited Company for Whatnot Sellers
Many Whatnot sellers find that transitioning from sole trader status to a limited company offers significant benefits:
Tax Savings: Pay Corporation Tax (currently 19%) instead of higher personal tax rates.
Professional Image: Operating as a limited company can enhance your credibility.
Limited Liability: Protect your personal assets from business debts.
Our team of Whatnot Accountants at eAccounts can guide you through the process of:
Registering your company with Companies House.
Setting up a business bank account.
Filing annual accounts and confirmation statements.
VAT for Whatnot Sellers
If your Whatnot sales exceed the VAT registration threshold of £90,000 in a 12-month period, you’ll need to register for VAT. This involves:
Charging VAT on sales.
Filing quarterly VAT returns.
Reclaiming VAT on allowable expenses.
Even if your turnover is below the threshold, voluntary VAT registration can be beneficial, especially for sellers with significant business expenses.
Deductible Expenses for Whatnot Sellers
Reducing your tax liability starts with understanding what expenses you can claim. Common deductible expenses for Whatnot sellers include:
Purchase costs of inventory.
Platform fees (e.g., seller fees charged by Whatnot).
Shipping and packaging costs.
Internet and software subscriptions, such as Xero.
Marketing expenses, including promotions and social media ads.
How eAccounts Can Help Whatnot Sellers
At eAccounts, we offer comprehensive accounting services designed specifically for online sellers, including those on Whatnot. Our services include:
Bookkeeping: Stay on top of your income and expenses with organised financial records.
Tax Returns: Ensure accurate and timely submission of Self Assessment or Corporation Tax returns.
VAT Support: Assistance with VAT registration and returns.
Xero Setup and Support: Simplify your accounting with Xero, the leading cloud-based accounting software.
Unlimited Support: Get answers to your questions whenever you need them.
Why Choose eAccounts for Whatnot Accountants?
As a leading online accountancy firm, eAccounts is trusted by eCommerce and online sellers across the UK. Here’s why sellers on Whatnot choose us:
Specialised Expertise: We understand the unique challenges faced by Whatnot sellers.
Transparent Pricing: Clear and affordable pricing with no hidden fees.
Platinum Xero Partners: Benefit from expert support with Xero, the industry-leading accounting software.
Tailored Services: Whether you’re a sole trader or a limited company, our services are customised to meet your needs.
Get in Touch Today!
If you’re looking for expert Whatnot Accountants, eAccounts is here to help.
Contact us today for a free consultation and learn how we can help your business save money and stay compliant with all regulations.
FAQ
FAQ's for Whatnot Sellers
Do I need to register as self-employed to sell on Whatnot?
Yes, if you’re regularly selling on Whatnot to make a profit, HMRC considers you self-employed. You must register and submit annual Self Assessment tax returns.
Should I set up a limited company for my Whatnot business?
Setting up a limited company can offer tax advantages and protect your personal assets. We can help you decide if it’s the right choice for your business.
What expenses can I claim as a Whatnot seller?
You can claim costs such as inventory purchases, platform fees, shipping, packaging, and marketing expenses.
Do I need to register for VAT as a Whatnot seller?
You must register for VAT if your turnover exceeds £90,000 in a 12-month period. Voluntary registration can also be advantageous for certain businesses.
How can I keep track of my Whatnot sales and expenses?
Using accounting software like Xero can help you automate record-keeping and simplify your financial management.
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