![]() ![]() I really hope they do and will keep you posted. They concluded that they will look a little bit more in detail into this. Let’s take a look at the costs in more detail: Why People Are Looking To Switch From QuickBooks Payments While QuickBooks Payments offers some genuine benefits to its users, it is not necessarily the best value because of its monopolistic position. I just had a lengthy chat with support asking them about this and also linking to this thread. What people are doing on the VAT returns: do they omit these completely from the return or include it as a reverse charge and risking not having the required records.īottom line is that it doesn't make any difference on how much much we pay to HMRC, its more to make sure we are compliant with HMRC seems like a basic accounting necessity and I am therefore really surprised that it is not readily available. I know that in principle the VAT on these fees (0%) will be subject to the reverse charge mechanism on the VAT return, however HMRC requires to have a record of the invoice for the fees as part of the return. Looks like an ongoing issue - does anyone know how accountants deal with that on the VAT returns? I am finding it really odd that Shopify are not providing a VAT invoice for the transaction fees. Has there been any update on this from Shopify? Table of Contents show What Is An Online Invoice Payment Invoices typically contain a list of the products or services purchased, individual pricing (such as charges per hour or a set fee), the total sum due, and a due date or payment terms. Shopify are in the wrong in not producing an invoice for a service they provide and HMRC will catch up with them. Shopify use Stripe to process Shopify Payments and we also use Stripe for other websites and we receive a monthly invoice from Stripe which show these charges. the date the goods or service were provided (supply date).a clear description of what you’re charging for.the company name and address of the customer you’re invoicing.your company name, address and contact information.HMRC requires the following on an invoice for supplying a service. Shopify supply a service by charging a fee to use Shopify Payments, it is for example 2.2% + 0.20p per order. ![]() HMRC will not accept a spreadsheet just showing the fees taken from each transaction, which is the spreadsheet you get when you download from the Payment screen. ![]()
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