HelloProfit now allows merchants to configure their UK account Merchant Settings to deduct for their estimated VAT.

Note: HelloProfit does not provide tax advice and will not be liable for user input in UK VAT Settings.

To set up your UK VAT Settings, while logged into your UK HelloProfit account only, navigate from the Merchant Dashboard to the blue Merchant Options button on the top right > Settings. Under UK VAT Settings, enter your desired factor to calculate VAT.

VAT will then be deducted on your Dashboards under the Est. Profit information pop-up, in Product Stats, on Order Details for UK Orders, and on your UK Payout Reports.

Note: The setting you enter as described above is not a percentage but a factor (most commonly used factor is 1.2). The calculation used in HelloProfit for VAT is:

gross sales - (gross sales / factor).

You may refine this factor as needed until the particular output you expect is achieved.

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