Why You Should Hire a Qualified Chartered Accountant for Your Ecommerce Business

The global economy has been very tough on many small businesses who rely on the internet to not only grow their business but also to provide customer service. The internet has provided consumers with the ability to do their shopping from anywhere in the world and this has increased the demand for qualified chartered accountants who are able to deal with online businesses. The government has put measures in place to help ensure that businesses are able to continue trading on the internet without any problems and there are also measures in place for ensuring the reliability of the various online payment methods used. These have all been put into place in order to keep the online sector of the market flowing and have helped to make the UK’s business environment one of the most business friendly in Europe.

If you have an ecommerce site based in the UK and are looking to expand your business then you will first need to establish a base of manufacturing. This can be done through the purchase of equipment or premises, which will allow you to begin trading. If you already own your business premises then you may wish to consider taking out a small retail space in order to increase your flexibility. Qualified chartered accountants who are experienced in the field of ecommerce will be able to advise you on all of the options open to you and help you to find a suitable location for your business, which will also make it easier for you to attract potential customers to your website.

You will also need to determine whether your ecommerce business will run onshore or offshore. There are pros and cons to both of these options and it is down to your individual circumstances as to which one you choose. There are advantages to either type of ecommerce such as: an offshore operation being able to take advantage of the low rate of tax. However, there are also some disadvantages such as your business becoming dependent on your suppliers and having to rely on them for a certain volume of products.

A suitable solution is to establish a company that is domiciled in the UK and has all of its transactions and records in this country. The tax advantage that you will receive will be offset against any income that is produced by an offshore operation. In order to establish whether your company is tax efficient you should seek advice from a CPA. A qualified and experienced CPA will be able to advise you on all of the options available to you and advise you whether it would be better to have your company based in the UK and have an offshore operation that would allow you to benefit from lower tax payments.

When setting up your ecommerce website and looking to grow your business, you will need to hire additional staff for marketing and customer service. A qualified chartered accountant with a proven track record will be able to supply you with the necessary expertise and experience to deal with these needs. By delegating positions to staff you are free to concentrate on other aspects of your company. You may want to expand into a new niche area or increase the size of your company. delegating positions on your own allows you to maintain staff levels according to demand.

A qualified CPA will be able to provide ongoing after care support when your ecommerce site goes on holiday. If you are taking full advantage of tax benefits by establishing a company in the UK, you will not need to worry about paying corporation tax and income tax on any earnings from your site while it is closed. Any profits that are made during this time will be exempt from income tax until they are paid out again. Your CPA can help you choose the right balance between maintaining your ecommerce site and letting it go during the off season.