Retail

The world has long been changing when it comes to consumer shopping patterns. The traditional retail trade has for a long time experienced a decline in favor of the internet trade, which is still increasing. However, it comes as a surprise to many how difficult it can be to start a webshop, even some of the big players in the market are running a deficit. 

Marketing spending on social media and Google Ads (AdWords) is high, often accounting for double-digit revenue. Postage agreements as well as challenges regarding returned goods can also be financially challenging. In other words, it is not necessarily cheap and easy to start a webshop, but with the right advice and help, one can avoid many pitfalls and wasted costs in a growing industry. 

RSM Denmark has in-depth knowledge of the industry and many years of experience in consulting webshops and internet trade. We know the specific issues in the industry and the importance of SEO and link building for sales. We know the cost structure of digital marketing via social media and Google Ads (AdWords), just as we know the value and use of Google Analytics, My Business, Data Studio as an analytical tool. 

In connection with the audit of webshops, we can offer our assistance and advice in a wide range of areas, including:

• Importer registration.
• Exporter registration.
• VAT rules on sales inside and outside the EU.
• Online payment solutions.Integration of webshop for financial accounting.
• Inventory management and integration into financial accounting.
• Start-up or purchase of a webshop.
• Preparation and reporting of the annual report.
• Tax advice and calculation of taxable income.
• Preparation of operating, status and liquidity budgets.
• Investment and financing advice.
• Advice in improving internal controls and business operations in the company.
• Advice on ongoing financial management and reporting as well as better use of resources.
• Accounting assistance.

The car dealership industry is characterized by a development where customers to a greater extent want a total monthly payment for leasing or repayment of the car, which can include, among other things, loss of value on the car, financing, service and insurance. This means that a division of the various revenue components must subsequently be made, as there may be a difference in the statement for VAT and payroll tax on the individual components and when they can be recognized as income in the company's accounts. 

As an auto dealer of new or used cars, there are many challenges that need to be addressed, including:

• Deduction for energy taxes on consumption in car dealerships. 
• Use of employee benefits for employee retention, including those that are tax-free and taxable for the employees. 
• Optimization of the financing of the company, including own financing, credit institutions, suppliers, employee obligations and public taxes.
• Ownership structure and risk grazing. 

In connection with auditing an auto dealer, we can offer our assistance and advice in a wide range of areas, including:

• Tax advice and calculation of taxable income
• Preparation of operating, status and liquidity budgets
• Investment and financing advice
• Advice in improving internal controls and business procedures in the company
• Advice on ongoing financial management and reporting, as well as better use of resources
• Calculation of the basis for settling VAT on used cars 
• The company's reporting obligations to SKAT for employee benefits
• Calculation of payroll tax on financing commissions 
• Tax depreciation on inventories that have been in stock for more than 1 year 
• Calculation of tax base for the owners' use of the company's cars for private purposes