Anyone here doing online selling in the UK? How are you handling your accounting?
Hey folks, just wondering if anyone else here is running an online business in the UK and trying to figure out the best way to deal with accounting? I started selling on Etsy and a bit on Shopify over the past year and now things are picking up, but I’m realising I’ve been seriously winging it when it comes to the money side of things.
I’ve been using spreadsheets and trying to keep up with receipts and taxes but it’s getting messy fast. I keep hearing about how important it is to get an accountant who actually understands ecommerce, especially with how different platforms work and how they report income. A mate sent me this article that breaks it down pretty well: https://www.socialcommerceaccountants.com/post/why-every-online-seller-needs-an-ecommerce-accountant-in-the-uk-and-how-to-find-the-right-one
Would love to hear how others are handling their online accounting in the UK. Are you doing it all yourself or working with someone who gets the ecommerce side of things? Any tips or horror stories welcome. Just trying to figure out the smartest way to scale without digging myself into a tax hole.