The retail sector is a particularly competitive business environment, and has become increasingly complex with the rapid growth of online trading and digital customer acquisition.
At Dundas | Gallagher, we offer general accountancy and audit support, and can provide critical advice on tax planning by outlining a strategy that is right for your retail business. In addition to the traditional retail shop model, many of our clients have incorporated increasing levels of e-commerce. This can range from established retailers developing an online sales aspect to a private individual engaged in the trade of goods and services online.
E-commerce offers significant opportunities in terms of expanding your market, increasing your customer base and reducing overhead costs, but there are also various challenges, espcially as online trade can often incorporate different tax jurisdictions leading to issues around VAT, excise duties and where profits should be recognised. Many individuals who regularly trade in goods using online and social media platforms should be aware of potential legal and tax implications.
Contact us to learn more and discuss your business needs.