Being an Etsy seller is about crafting passion into tangible products and connecting with a global audience. It’s about turning your creativity into a thriving online business. However, while you excel at creating, we know that the financial nuances of running an Etsy shop can often be overwhelming. After all, while crafting might be a joy, crunching numbers might not be.
Why Use Dead Simple Accounting?
At Dead Simple Accounting, we understand the unique financial challenges faced by Etsy sellers. From handling multiple transactions a day to ensuring you claim all possible expenses, we’ve got your back. Our team is well-versed with the intricacies of e-commerce, ensuring your financial reports are as polished as the products you sell. And while you immerse yourself in creating, we commit ourselves to ensuring your accounts are in tip-top shape.
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For a comprehensive self-assessment tax return service tailored for Etsy sellers, our fee stands at a transparent £275, VAT inclusive. If you’re curious about our other offerings, drop by our quote page for a free estimate.
What Expenses Can Etsy Sellers Claim?
Being an Etsy seller means juggling several roles at once, and each role brings its own set of expenses. Here’s a curated list of expenses that Etsy sellers typically face:
- Home Office: Use of home as an office entails expenses like bills, phone usage, heating, lighting, and even rent or mortgage interest.
- Etsy Specific Costs: This includes Etsy listing fees, transaction fees, and advertising fees.
- Shipping & Handling: Postage, packaging costs, and shipping supplies.
- Materials & Equipment: Costs of materials required to create your products, as well as any tools or machinery used in the process.
- Promotion & Marketing: Advertising costs, photography for product listings, social media promotions, and any other marketing efforts.
- Professional Fees: Accountant fees and any other consultancy fees related to your business.
- Events & Shows: Attending fairs, markets, or any other events? Claim for travel, lodging, meals, and event space hire.
- Financial Transaction Costs: This encompasses PayPal fees, card processing charges, and any other bank fees.
- Retirement Plans: Contributions to personal pension schemes can often be claimed.
- Miscellaneous Expenses: These can include costs associated with training or courses to enhance your craft, software for designing, or even fees for online platforms other than Etsy.
Generally speaking, if something is solely for business use then it’s likely it can be claimed as an expense. It’s important that you keep on top of your paperwork, so ensure you save all receipts and invoices and snap a picture of them as a backup.
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The art of selling on Etsy is unique, and so are its accounting needs. If you have any further queries or require a specialized service tailored for Etsy sellers, we’re here to help.
These days there’s an abundance of tools and resources at your disposal, software that handles your invoices and expenses, to mobile based banks that cut the boring paperwork.
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