Overview of the Consumer Goods & Retail Sector
Lockdowns due to COVID-19 had a profound impact on the consumer goods and retail industry. If you are a consumer goods distributor, marketer or someone running a small retail store, you are probably still struggling to cope with the challenges. Some of these challenges are as follows:
- Offering an omnichannel shopping experience
- Finding the right disruptive technologies
- Consumers shifting to online shopping
- Supply chain crisis
- Skill shortage
To overcome these challenges, you need funds, but with the economy going downhill, this seems impossible. With its experience in catering to the players of the consumer goods and retail industry, CoreAdviz understands the challenges that you are encountering right now.
As a consumer goods and retail marketer, it is vital to be cautious regarding your finances. You need to be vigilant about the financial decisions as they can now make or break your business in these challenging times. Hire our skilled accountants who are ready to serve you with their vast knowledge and expertise so that you can achieve profit optimization and do the things you want to do to overcome the challenges!
How We Help Consumer Goods and Retail Businesses
Being an accountancy firm, we know that you should be at the top of your cash flow. However, it is necessary to maintain compliance with the changing regulations and reduce tax liabilities. After all, you must have more time for focusing on selling your goods to your customers rather than getting busy with anything else. So, our accountants are here to take care of everything to make your business grow and save precious time.
Retail VAT is a bit complicated. Again you need to understand the various retail VAT schemes. We take care of all along with bookkeeping and preparing your financial statements. In short; you will get a regular checkup of your organization’s financial health, can identify the problems, and make the best decisions! With our latest accounting software, you will be also compliant with the latest MTD initiative of the UK government.
SERVICES
Reliable Retail Accounting That Can Help You !
Our accountants are successfully meeting the expectations of consumer goods companies and retail store owners. We deliver reliable retail accounting services at a reasonable monthly package. Some of our services are including, but are not limited to the following ones:
- Preparation of financial statements
- Tax planning and compliance
- Payroll management
- Cloud bookkeeping
- VAT registration
A retail accountant prepares and maintains accurate financial statements for retail store owners or companies.
Accounting helps to know the areas where the spending is most and understand the accurate financial health of the retail store, which then facilitates the store owner to find ways of cost-cutting and use the same money on other things like warehouse management, marketing, etc.
The standard rate of VAT on retail in the United Kingdom is 20%.
VAT retail schemes are here to help consumer goods and retail companies calculate their VAT more simply. There are three VAT schemes- Point of Sale Scheme, Apportionment Scheme, and Direct Calculation Scheme.
Yes, most retail items are sold at a price in which VAT is already included. So, consumers pay VAT.
We do the digits you live your Lifestyle
Accounting for eCommerce package starts at £45 per month
Our Guidance on the “To do list”
As accounting consultants for an eCommerce business, we would suggest you with the following
Standard accounting procedure
The inflow of funds can be recorded when a bill is raised or the actual amount is received. Maintain a single standard throughout
Keep your invoices organized
Invoices play an important role in determining your tax liability. Keeping them organized and chronologically minimizes the changes of computation errors.
Keep your tax records handy
Tax invoices and receipts of the last 5 years are required to be preserved. In case the HMRC wants to verify data, they will ask for previous receipts.
Know your company’s status
As an entity your taxation will depend on your size. If your eCommerce is a private limited company, then its taxation policy will be different from self-employed and partnership.