Business and tax, in Settings, holds who the business is and how it accounts for VAT (or its own country's tax). The owner changes it and their accountant reads it. A store run as a private seller on a channel that asks keeps none of it.
Business identity
The legal or registered name, the business country, the trading address, and for a UK business its company number and Unique Taxpayer Reference (UTR), plus the accounting year end, which Year end and the financial year dates follow. All optional, and kept for your records and your accountant: only the owner and their accountant read them.
VAT
- Registered for VAT
- Once on, from the day it was registered, the books leave the VAT out of net sales, refunds, cost of goods sold, fees, stock written off and expenses, so every profit and share is worked out without it. The VAT held in the balance stays in net proceeds.
- VAT number
- Your registration number.
- Scheme
- Standard VAT accounting, the Cash Accounting Scheme or the Flat Rate Scheme, which decides how the books work out the VAT.
- Registered from
- The day your registration took effect: the books keep VAT from that day.
- VAT period
- Monthly, quarterly or annual, with the month a quarter or the year ends in. The VAT summary's periods follow it.
- Flat rate
- On the Flat Rate Scheme, the percentage you pay of your takings including VAT.
- Fee VAT rate
- Asked where StoreDeck has no rate card for the channel: the VAT rate on its fee invoices. Leave it blank if they charge none.
The VAT settings cannot change in a way that would move a period already locked: move the Lock date back first, which says what it reopens.
A seller type is not a tax status
The seller type eBay asks for (business or private) is the channel's fee category: it decides which fees the channel charges. It does not decide whether you owe tax. A private eBay account that buys goods to resell is trading, and trading income is taxed whatever the account is called. The sales channels also report to HMRC every seller with 30 sales or more, or more than about £1,700 of sales, in a year.
Drawings and a limited company
StoreDeck records what the account's first owner takes out as drawings. For a sole trader, that is what it is. For a limited company, the money is the company's, so your accountant books each drawing as salary, a dividend or a payment through the director's loan account. The drawings StoreDeck records are what they book from.
Related: The VAT summary, For accountants, Settings.
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