I am looking to launch my online clothing store within the next couple of weeks and was wondering whether anyone had any information related to dropshipping and Tax laws in the UK.
From my research I understand that:
Import Tax is not required for products under £18 (I will purchase all my products under £18)?
Income tax - 0% tax paid up until the business earns over £12,500?
I am assuming VAT is automatically calculated through Shopify or are there other steps required?
Should I inform HMRC prior to launching or wait until I have collected over a certain amount in sales? (one website reported that £1000 in sales was the number).
Any vital information or steps required that I am unaware of would be greatly appreciated.