Hi Everyone,
I sell on Ebay, I download my monthly financial statements which I use for my sales figures for my accounts. I also use my monthly fee invoices for my accounts. I have recently had dealings with HMRC (VAT) and they have said that I have been understating my sales figures as I should have been adding my fee cost invoice amounts to the financial statement sales amount to get a gross sales figure for VAT purposes. They implied that the fee cost invoice amounts had automatically been deducted from the Sales figures on the Financial statement so needed to be added back in to get the true figure. I had no idea I had to do this so I potentially owe them a lot of money. This adjustment is not shown on my Ebay monthly financial statement anywhere. Has anyone else encountered this?
Any input welcome.
