What are the key tax considerations for retailers and wholesalers?

Key considerations include VAT (retail schemes, import duties), Corporation Tax or Income Tax on profits, payroll taxes, and reliefs such as capital allowances and stock write-downs.

How should a wholesaler account for stock and cost of goods sold?

Wholesalers should use a consistent stock valuation method (FIFO or weighted average), accurately calculate COGS, and maintain stock records for VAT and management reporting purposes.

Do retailers need to use a VAT retail scheme?

Retailers selling mixed-rate goods in high volumes can use a HMRC VAT retail scheme (Point of Sale, Apportionment, or Direct Calculation) instead of issuing individual VAT invoices.

Management Accounts

With nearly five decades of experience across several industries, we can analyse your business finances as specialists in this field of accounting.

Forecasting & Budgeting

One of our chartered accountants will handle your cash flow forecasts and budgets helping you achieve real-world financial insights.

Bookkeeping

Accounting and bookkeeping are important, but they don’t have to be a hassle.

Partnerships

Our team understands that your time is your most valuable asset, which is why we offer a comprehensive range of accounting services for partnerships.

VAT

Taxes like value added tax (VAT) are complex and demanding on businesses – so complicated most businesses accidentally overpay or underpay VAT. Simply put, it’s a bit of a hassle.

Payroll

With our payroll and auto-enrolment solutions, you can say goodbye to worrying about paying yourself and your employees every month.

Directors Tax Returns

New clients are often surprised at how much can be done to help with their tax position. We are always willing to go that extra mile to offer advice on the areas where tax can be saved.

Company Secretarial

As a business owner, the last thing you need is to use up valuable resources ensuring you’re compliant with the Companies Act.

Company Formation

Registering a company is exciting, but its also a major part in laying the first foundations of your company and there’s more to consider than just buying a cheap ready made company on the internet!