• anca_esanu@yahoo.com
  • Joined: 29/01/2018 18:03:51
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Online shop - distance selling

29/01/2018 18:14:06
I am planning to open an online shop for selling fashion goods to Romanian market. I'm registering as a sole trader and I'm not sure about the following:
- The payments made by buyers can be done in Romanian currency in a Romanian bank account on my name?
- Can I transfer these payments to my UK account? Is this subject to double taxation?
- Can I invoice customers in romanian currency? If so, how would this reflect in my record keeping?
- For sole trader do I need a business address? I'm renting now and my agreement doesn't allow me to register a business at the address I'm living.
- Where can I download a software for record keeping? I understand HMRC sends a package when you register as an LTD, But I'm not sure this is the case for sole trader too.

Thank you very much!

Re:Online shop - distance selling

30/01/2018 09:53:09

Question 1. Yes. Payments made by buyers can be done in Romanian currency in a Romanian bank account in your name.

Question 2. Yes. You can transfer these payments to your UK account. If the base of your self-employment i.e. your permanent establishment is in the United Kingdom, you will be taxable in the United Kingdom. The Romanian authorities may require that you provide a UK certificate of residence. Here is a link to the section on our website to apply for a certificate if one is required. https://www.gov.uk/guidance/get-a-certificate-of-residence

Question 3. Yes. You can invoice customers in Romanian currency. You would need to convert the Romanian currency into sterling before reporting the income on your tax return. Here is a link to the HMRC exchange rates on our website. https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat

Question 4. No. If you do not have a business address as a sole trader you can use your home address.

Question 5. Here is a link to the page on our website with lots of information, including keeping business records which you will find useful https://www.gov.uk/working-for-yourself