shop

stevepower

Evening all ,How much does it cost to run a shop on here? What are the tax vat rules
many thanks

misbi

https://www.brickowl.com/help/store-fees

Calibrick

I'm in the US so can't help you with VAT rules, but you can search the forum for some great VAT info... I *think* BO* is collecting and paying that in some cases to meet EU requirements, but as an American, TBH, I find the VAT thing kind of confusing since I don't live it every day. :-)

Hoddie

Looks like you're in the UK @stevepower, in which case you don't need to worry about VAT unless your annual turnover is 80k or more (can't remember the exact figure).

In terms of how much BO charges, there's no monthly fee or start-up fee or anything like that. You pay commission of 2.5% on what you sell.

In terms of UK income tax, this is technically due on any profit you make, but there is an exemption for the first £1,000/year. You should give HMRC a call if you expect to earn close to or more than that, as there may also be National Insurance implications too. But, essentially, the UK is a great country in which to be an online entrepreneur. The VAT threshold is very high, there are no barriers to starting as a self-employer seller, and there are generous thresholds before you start paying tax or social security payments.

stevepower

Thank you, very interesting