I’ve been getting a ton of questions about accounting, registering a company, value added tax, sales tax, customs and legal questions which I can’t answer.
The reason I can’t answer them is because I’m not a lawyer.
Plus these things vary from country to country.
There are specific laws about accounting in every country. From how and how long the invoices have to be stored, at what point you have to capture sales tax, value added tax, how you need to declare your money, what accounts you need to use and a lot more stuff.
It’s rather alarming to see that people are looking for this type of advice on YouTube and the Internet, because you will not find a single accurate post, video or forum that suits your situation.
Every business, territory and situation is totally unique.
All these things depend on:
– The legal form of your business
– The country your business is registered in
– If you have a business or if you’re a private person
– The amount of money you’re making every month
– The country of the customers you’re selling to
– If all your transactions happen purely on foreign territory
– And a lot more
The bottom line is that I have a tax man and accountant who help me with all of this and look up this stuff based on my unique situation.
At some point you have to start being professional, too. Part of that means understanding that you can’t know everything and that you have to ask for help from professionals.
There is no “one size fit’s all” when it comes to legal questions, taxes and accounting. That’s why instead of making a podcast about this, I decided to make a podcast about how you can do it professionally.
If you don’t take your business serious, your customers won’t.
I hope it helps. 😉
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Mike Espie
Hi Till
Really nice site, I am using it for researching many things around dropshipping. One question I have is when you sell internationally to you put any tax on the products? My eCommerce platform asks for tax amount but I assume it is like when you buy form aliexpress that tax is not included, is that right? Do you put any tax on your prices?
Thanks
Mike