UK Tax

UK Tax Questions? Ask a UK Tax Advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

UK Tax
This answer was rated:

We are a partnership. We create and sell (publish) a diary

and an advent calendar. We...
We are a partnership. We create and sell (publish) a diary and an advent calendar. We sell to UK shops, on amazon (just to UK) & do fayres etc. We have just filled in our 12/13 partnership tax return. Question 3 says. 'Did the partnership have any foreign income'. On this tax return we said no, as last year we didn't.

However, we are thinking of expanding our amazon sales to sell to Europe and America, but before we do this we want to know what the implications are. I don't understand what 'foreign income' means, on the example it says about having a foreign holiday home, but we will only be selling a few diaries. I've looked on gov.uk at, 'starting to export' and it seems to say that we need to start doing vat returns. we don't want to do a vat return, last year our net profit was £3886 and we didn't make enough to pay ourselves any money at all as a salary.

Can you enlighten us about what we would be getting ourselves into by selling a few diaries and advent calendars on-line to foreign customers.
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 2 hours by:
8/28/2013
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,069
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified

Hello, if you have any questions or need further clarification after reading my answer please let me know.

 

Thank you for your question...

 

Selling diaries and advent calendars online to foreign based customers will not constitute having foreign income as implied in Question 3 of partnership return. You need not worry about that.

 

Foreign income includes investment income, bank interest, earnings, rental income etc from abroad.

 

If your turnover remains below the VAT Registration threshold then you do not have to register for VAT.

 

VAT registration is required where taxable supplies exceed £79,000 for the previous 12 months or are expected to do so within the next 30 days.

 

 

If you need more information please let me know before you rate my service.

 

I hope this is helpful and answers your question. If you have any other questions, please ask me – I’ll be happy to respond. Please remember to rate my service once you have all the information you need to ensure I get paid for it.

 

I am available for any follow up questions you may have, and you can use the reply button to post your follow up questions to the page.

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,069
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified
taxadvisor.uk and 87 other UK Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 years ago

If we sold some diaries to American shops, would that money be classed as foreign income on the partnership tax return?

Christine, thank you for your question...

 

Any sales to an overseas country would be classified as export sales but still within your UK business income.

 

Foreign income does not mean income received from sale of goods to foreign customers/countries.

 

I hope this is helpful.

 

 

Ask Your Own UK Tax Question
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,069
5,069 Satisfied Customers
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)

taxadvisor.uk is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

6,512 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

871 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

148 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Related UK Tax Questions
I need to know exactly what figures to put in the micro
I need to know exactly what figures to put in the micro entity company accounts form at companies house, for two columns of 2016 and 2017. Company accounting dates are April 30th. share ownership : £1… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,069 satisfied customers
I am a UK national that worked my whole life in USA. I am a
Hello, I am a UK national that worked my whole life in USA. I am a naturalized US citizen. I'm exploring an opportunity from my current employer (hospital) to take a position in their new London hospi… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
I am just completing my 2016/17 tax return as I am self
Hi I am just completing my 2016/17 tax return as I am self employed. During the 16/17 tax year I received a joint endowment payout with my partner of approx £42000. As far as I know the policy was qua… read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,890 satisfied customers
An individual Landlord who owns 6 properties has bought a
An individual Landlord who owns 6 properties has bought a laptop c£800 - can he claim Capital Allowances for it as he uses it to keep his records on and manage his 6 properties? Thanks CAS… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I am confused so I rang HMRC. Now I'm even more confused!!!.
Hi Sam, I am confused so I rang HMRC. Now I'm even more confused!!!. I am UK resident.I am currently employed PAYE. I have been offered a job by a UK based company, working on a RAF base in the Falkla… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I am self-employed in the UK, and I do contract work for a
Hi there. I am self-employed in the UK, and I do contract work for a company based in the USA. I get paid in dollars for that contracted work on a per-month basis, based on what work I do & days worke… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,069 satisfied customers
I have setup a partnership UTR with my wife (property
I have setup a partnership UTR with my wife (property management) treated as a Trading business . My turnover from rental income is just under £83,000. But if it did go above that would I have to regi… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I would like some advice on is on Capital Gains Tax, more
I would like some advice on is on Capital Gains Tax, more specifically, the 10% Entrepreneurs' Relief option. In May 2015, I sold part of my business, which was a website. The total sale value was $29… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I'm trying to figure out why my P60 doesn't account for the
I'm trying to figure out why my P60 doesn't account for the taxes paid when my RSU vest. It seems that they put the full amount of shares vested but they don't surface the almost 54% taxes already pai… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I've got an interest only buy to let mortgage for £112000 I
I've got an interest only buy to let mortgage for £112000 I was going to put £18000 down it ,which would reduce the monthly to about £220 per month .I currently get £595 per month rent .is it worth in… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,069 satisfied customers
I sold an investment in December 2017 for 100,000 GBP (net
I sold an investment in December 2017 for 100,000 GBP (net sales proceeds) . I bought the investment 15 years ago in 2002 for the total cost of 40,000 GBP I have been working overseas as an expatriate… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
My friend wants to buy annual leave from her work which then
Hi my friend wants to buy annual leave from her work which then is deducted through her wage over 12 months. Will buying annual leave affect her tax credit… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I'm trying to fill in my Micro Entity accounts and it keeps
Hi I'm trying to fill in my Micro Entity accounts and it keeps coming up shareholders funds must equal net assets. Not really sure why can you help please? … read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,069 satisfied customers
Regarding self assessment taxes. I'm a USA and UK citizen
Regarding self assessment taxes. I'm a USA and UK citizen and will need to file USA and UK (self assessment) tax returns. Both countries tax on worldwide income.In the USA I have a retirement account … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,512 satisfied customers
I am submitting my Micro HMRC accounts first year for
Hi there I am submitting my Micro HMRC accounts first year for company - if I sen you our balance sheet could I have you tell me what box information needs to be filled in. I would be willing to pay o… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,069 satisfied customers
I am the director of our non profit organisation and am not
Hi I am the director of our non profit organisation and am not getting paid at the current date due to raising funds however I put in a lot of hours per week can I claim working tax credits along with… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
A person has dual residence in England and Greece with
A person has dual residence in England and Greece with income in both countries. 1.Do both Incomes have to be declared in the UK? 2.Is there a form which needs to be completed to inform the HMRC in UK… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
In February 1999 I bought my first house. The listed price I
Hi – in February 1999 I bought my first house. The listed price I paid was £30,500 (paid between deposit and mortgage). In June of 2008 I married and in July of that year I quit my job and my wife and… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x