My limited company receive some small commission to promote someone else businesses. I use a platform called Impact and I have few brands there that I promote. I would like to know how to deal with those commission in quickfile. Note: the commission goes to an affiliate wallet and from there I can withdraw to my PayPal account.
Questions:
Do I need to create a sales invoice? If yes, is it for each promotion? To whom I need to address the invoice, Impact or the various brands?
Should I create an account for the affiliate wallet and use that one for the commissions when the land in that wallet?
What should I do when I withdraw to PayPal?
Please can you describe the process as if you explain it to a primary school kids? Thanks!!
Do I need to create a sales invoice? If yes, is it for each promotion? To whom I need to address the invoice, Impact or the various brands?
Are you vat registered?, Are you planning to submit MTD vat returns?, What vat needs reporting, can you provide an example of the process?.
Should I create an account for the affiliate wallet and use that one for the commissions when the land in that wallet?
Yes this should be done as a merchant account in the banking screen.
What should I do when I withdraw to PayPal?
You would also have a merchant account set up in the banking screen for PayPal and a bank transfer would be done between the 2 accounts when a withdrawal is made to PayPal