I run an online store as a sole trader. I use shopify as a storefront and payment processor, which charges certain fees on every transaction.
When reporting my business income, do I need to report my income as invoiced to my customers, with the payment processing fees as a seperate deduction? Or can I simply report income net of transaction fees - as this is the only income I ever touch so to say.
Hi @jackw1234,
When reporting my business income, do I need to report my income as invoiced to my customers, with the payment processing fees as a separate deduction? Yes :)
Tax time 2023 for businesses – your questions answered has some excellent additional information you may find helpful.
Hi @jackw1234,
When reporting my business income, do I need to report my income as invoiced to my customers, with the payment processing fees as a separate deduction? Yes :)
Tax time 2023 for businesses – your questions answered has some excellent additional information you may find helpful.
22 Apr 2024 · 3 min read time
15 Apr 2026 · 4 min read time
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