GR CONSULTING SERVICES - Blog , Business Planning & GrowthGR CONSULTING SERVICES - Blog , Business Planning & Growthhttps://www.gr-consulting.co.uk/blogs/business-planning-growthSun, 08 Mar 2026 08:28:13 +0100http://zoho.com/sites/<![CDATA[Save on Ebay Seller Fees!]]>https://www.gr-consulting.co.uk/blogs/post/Save-on-eBay-Seller-FeesFind out how much you could save in eBay fees by setting up your own eCommerce store. Includes a live savings calculator.]]>

Setting up your own eCommerce store can save you money

Of course, selling on eBay is quick and convenient. It does not require much thought and can be done within a day. However, once your orders become more regular, you will soon find that Seller Fees quickly add up. If you are at that point, you may be surprised to hear that setting up your own eCommerce store can save you money!


Although it may sound scary at first, there are many benefits to taking that crucial next step.

1. You save on expensive eBay Seller Fees

When selling on eBay, you will encounter fees for using the platform. At the most basic level, there are Listing Fees (upgrades ranging from £0.10 to £150) and Final Value Fees in the form of a percentage (ranging from 5% to 12.9%), as well as £0.30 per order. Apart from the fact that this can get very confusing when selling different types of items, what does that look like in practice? For better understanding, we have put together high value and a low value examples below.

Cost of selling a High Value item on eBay - 💷💷💷

See below for a breakdown of fees when selling a Smart Watch on eBay's platform. The total fees (excluding shipping) come to a total of £67.36! Selling the same item through your own shop would cost you £15.80 instead. That's a saving of £51.56 on one order alone!


-----------------------------------

Item: Smart Watch

⌚

Price: £650

-----------------------------------

Variable percentage fee: £62.05

Fixed fee: £0.30

Buy it now: £0.50 (optional)

Subtitle: £2 (optional)

Gallery plus: £2.5 (optional)

-----------------------------------

TOTAL FEES: £67.36 (incl. optional)

Above example clearly shows how high the fees really are. Now we take a look at the fees when selling a low value item to understand the cost involved.


Cost of selling a Low Value item on eBay - 💷

Below is a breakdown of fees for selling a Dog Toy. The fees (excluding shipping) come to a total of £3.83. You would only pay £0.39 for the same order by selling it through your own online store, a saving of £3.44 per order!


-----------------------------------

Item: Dog Toy

🐕‍🦺

Price: £8

-----------------------------------

Variable percentage fee: £1.03

Fixed fee: £0.30

Buy it now: £0.50 (optional)

Subtitle: £2 (optional)

-----------------------------------

TOTAL FEES: £3.83 (incl. optional)

2. Disadvantages of setting up your own eCommerce store

We are not going to hide the fact that there are also disadvantages to setting up your own store and website. It can be particularly daunting if you don't quite know where to start. There are a lot of items to think of, things like domain names, landing pages, Search Engine Optimisation (SEO), card payment providers, plugins and the list goes on. In addition to the basics, there are a few other points that are worth mentioning, too.

Time & research | ⏱️ 🥼 🔬

It will require time to research and understand the sheer number of options available. Once you have found the right solution, you will need to build your store and website. It can take up a big chunk of your time, especially if your not familiar with the tools and everything that needs to be considered.

Initial investment | 📈

Apart from investing time, there is also an initial monetary investment required to get everything set up and subsequent annual fees that will need to be paid. You can check out our Savings Calculator below. It will calculate your possible monthly saving of running your own eCommerce shop, considering the fees compared to running a shop on eBay.

Nobody knows your brand (yet) | 🧐

As you start selling through your own shop, you will have to jump the hurdle of getting your name out there. It can be done by advertising, which can get costly very quickly or by strategically promoting it through social media and the right setup for Search Engine Optimisation (SEO). You could even start by letting your existing customers know that you have opened your online shop and offer them an incentive for buying from you directly. You could offer them a discount that reflects your saving in fees you would have paid to another platform, a win-win for you and your customers.

3. Build your brand

One point we mentioned as being a disadvantage to setting up your own store was the lack of a brand people recognise. However, this is also an opportunity that should be seized to start building it! It will certainly not happen overnight and take some attention. We always recommend running both your eBay shop and your new eCommerce store in parallel, at least until established. This will broaden your reach and you can also use it to target different audiences.


There is a possibility of using your own store to market your brand in ways you will not be able to by only selling through your shop on eBay. It might be that you want to branch out into offering courses or even promote other channels like your social media presence. Having your own website with a shop attached can work in harmony with all of your other presences, bringing them together in one place for your audience and your customers.

​​​eBay Seller Fee Savings Calculator

Ever wondered how much you could save in fees by setting up your own eCommerce store?


We have put together a calculator, so you can find out for yourself.

Just enter your average order value and number of monthly orders below to find out!

*Does not include savings on eBay listing upgrades, which are in addition to the saving already calculated above!

Are you ready to take the next step and get your online shop ready but need help getting there?

Schedule a Free Consultation
]]>Tue, 03 Jun 2025 15:23:00 +0100<![CDATA[Do I Need a Company Secretary for My UK Limited Company?]]>https://www.gr-consulting.co.uk/blogs/post/Do-I-Need-A-Company-Secretary-For-My-UK-Limited-CompanyCommon responsibilities of a company (corporate) secretary for a UK business. The company secretary must ensure that the business complies with its legal and regulatory obligations, such as filing accounts and reports, maintaining registers and records, and communicating with shareholders.]]>

What is a Company Secretary?

A company secretary is an essential role within a UK limited company. They are responsible for ensuring that the company complies with its legal and regulatory obligations. If you are running a UK limited company, you may wonder if you need a company secretary. While it is not a legal requirement to appoint one, having a company secretary can bring many benefits to your business.

What are the responsibilities of a company secretary?

Here are six reasons why you should consider hiring a company secretary for your UK limited company:

1. Statutory Registers

A company secretary can help you maintain your statutory books, which are the official records of your company’s shareholders, directors, secretaries, charges and people with significant control (PSCs). These records must be kept at your registered office or another inspection location and be available for inspection by the public. They help ensure compliance with the legal requirement for a company to hold and maintain the following statutory registers:
  • Register of directors
  • Register of directors’ residential addresses
  • Register of secretaries (where there is a secretary appointed)
  • Register of members
  • Register of people with significant control (PSC register)
  • Register of debenture holders (if required)
  • Register of charges (only required for companies with charges outstanding before 6 April 2013)

2. Companies House Filings

A company secretary can help you file your confirmation statement and other company returns with Companies House on time and accurately. These documents are essential to keep your company information up to date and avoid penalties for late or incorrect filing and include:
  • Confirmation Statement
  • Annual Accounts*
  • Company Changes
    • Officer (addition/removal)
    • Address Changes
    • Share Allotments
    • Special Resolutions.
*although the company secretary may file the company's annual accounts, directors remain responsible and will need to check and sign them

3. Meetings

Organising and co-ordinating meetings of directors, members and committees.
  • Producing Agendas
  • Producing and circulating board packs and members' resolutions paperwork
  • Taking and distributing meeting meetings.

4. Corporate Governance

Reviewing and advising on developments in good corporate governance and:
  • Assisting directors to comply with their duties under the Act
  • Ensuring compliance with the company’s Articles of Association (for example, meeting notice periods and procedures and directors’ authority to allot shares)
  • Ensuring compliance with requirements under the Act (for example, retention periods for original documents).

5. Communications

First point of contact for:
  • Shareholders – dealing with queries, payments of dividends, and management and procedure for general meetings
  • Non-executive directors – providing induction, ongoing support and guidance.

6. Accounts

Working with internal and external advisors (and the directors) on:
  • Preparation, distribution and approval of the accounts
  • Filing the accounts at Companies House

Do you need a Company Secretary for your business?

Get in touch ...
]]>Thu, 06 Mar 2025 15:30:00 +0000<![CDATA[Earning Interest by Paying Corporation Tax Early]]>https://www.gr-consulting.co.uk/blogs/post/earning-interest-by-paying-corporation-tax-earlyLearn how paying corporation tax early can earn you interest and benefit your business. Discover the financial advantages and strategies in this insightful blog post by GR Consulting Services.]]>

Why paying your UK Corporation Tax early can earn you interest

Corporation Tax is a tax that companies and organisations pay on their taxable profits and the current rate is 19% for all limited companies (this will change from 1 April 2023 and depend on the level of profits). The deadline for paying Corporation Tax is usually 9 months and 1 day after the end of your accounting period.  However, some businesses may choose to pay earlier and earn some interest from HM Revenue and Customs (HMRC) on their 'overpaid' tax.

How does it work?

HMRC pays you interest (the rate as of 21st February 2023 is 3%), known as ‘credit interest’ for paying your Corporation Tax early. HMRC will usually pay interest from the date you pay your Corporation Tax to the payment deadline. However, the earliest HMRC will pay interest is six months and 13 days after the start of your accounting period.

Note: Interest received is taxable - you must include it as income in your Company's Tax Return

How much interest can you earn?

The amount of interest you can earn by paying Corporation Tax early depends on:
  • The date you make the payment
  • The date your Corporation Tax is due
  • The official rate of interest set by HMRC


As of 21st February 2023, the official rate of interest paid by HMRC is 3%. However, this is subject to change, as it is linked to the Bank of England base rate (base rate minus 1% with a lower limit of 0.5%). You can check the latest rates on HMRC's website. Interest is calculated daily, from the date you make the payment, until the date your Corporation Tax is due. For example, if you pay £10,000 on 1 April 2023 and your Corporation Tax is due on 31 December 2023, you will earn £225.21 in interest (3% x £10,000 x 274/365). The interest is paid to you by HMRC after they receive your Company Tax Return and check your calculations. Interest is taxable income and must be reported on your Company Tax Return.

Benefits and drawbacks of paying Corporation Tax early

Paying Corporation Tax early can have some benefits for your business, such as:
  • Earning extra income from interest paid by HMRC
  • Reducing your tax liability at the end of the year
  • Improving your cash flow management and budgeting
  • Avoiding late payment penalties and interest charges

However, there are also some drawbacks to consider, such as:
  • Losing access to your money until it is refunded by HMRC
  • Missing out on other investment opportunities that may offer higher returns
  • Having to adjust your payments if your profits change during the year
  • Paying more tax than necessary if you overestimate your profits

Therefore, before deciding whether to pay Corporation Tax early, you should weigh up the pros and cons for your specific situation and consult a professional adviser if needed.

How do I pay early?

To pay Corporation Tax early, you need to:
  • Estimate how much Corporation Tax you owe for the current accounting period. You can use online calculators or software to help you with this, or ask your accountant or tax adviser.
  • Make a payment to HM Revenue and Customs (HMRC) with your company’s 17-character Corporation Tax reference, using one of the methods listed on their website. You can pay as much as you want, as often as you want, before your deadline.
  • Keep records of your payments and interest earned. You will need these for your Company Tax Return.

You can pay your Corporation Tax early by using any of the methods available on the HMRC website. You should also file your Company Tax Return as soon as possible after the end of your accounting period, so that HMRC knows how much tax you owe and how much interest they need to pay you.

Conclusion

In summary, paying Corporation Tax early can be a way of earning interest on your tax payment, especially if you have surplus cash or want to avoid late payment penalties. However, it also involves some risks and challenges that need to be carefully considered. If you decide to pay Corporation Tax early, make sure you consider other factors such as:

  • The opportunity cost of using your money for other purposes
  • The inflation rate and how it affects the value of money over time
  • The tax implications of receiving interest income

You should always consult a professional accountant or tax adviser, before making any decisions about paying taxes.
CONTACT US
]]>Mon, 30 Dec 2024 10:37:00 +0000<![CDATA[Unique Taxpayer Reference (UTR Number)]]>https://www.gr-consulting.co.uk/blogs/post/Unique-Taxpayer-Reference-UTRInformation about the Unique Taxpayer Reference (UTR number). How to get a UTR number, what is a UTR number and why you need a UTR number.]]>

What is a Unique Taxpayer Reference (UTR) and how do I get one?

If you just set up your business (e.g. limited company or sole trader) you will have come across the Unique Tax Payer Reference or UTR number for short.

Your UTR number is a 10-digit number (sometimes just called ‘tax reference’) and is assigned to you (sole trader) or your business (e.g. Limited Company). It is comparable to a National Insurance Number (NINO) and handles all tax related issues linked to Corporation Tax (Limited Company), Self Assessment (Sole Trader/Directors), Payroll (PAYE) and VAT. Just like a NINO , your UTR stays with you all your life.

How do I get a UTR number?

You will automatically be sent a Unique Taxpayer Reference (UTR number) when you:
  • Register for Self Assessment
  • Set up a limited company

How long does it take to get my UTR number?

HMRC will usually send your Unique Taxpayer Reference (UTR number) in the post around two weeks after:
  1. Incorporation (Limited Company)
  2. Registering for Self Assessment (Sole Trader)

Letters are sent to the business address that is registered with Companies House (Limited Company) and to your correspondence address if you are registering as a sole trader or need to register for self assessment from other income, like landlord rental income or dividend pay-outs received.

What do I need a Unique Taxpayer Reference (UTR) for?

You will need a UTR number to register:
  • for Corporation Tax
    • You need to register for Corporation Tax not more than 3 months after you started trading!
  • as an Employer
  • for VAT
Do you need help with getting your business up and running?
Get in touch today
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