Follow up to the HMRC video - Keeping records without receipts - Reselling on ebay
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- เผยแพร่เมื่อ 22 ก.ค. 2024
- Link to the previous HMRC video: • Claiming expenses for ...
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hi nic and andrea, thanks for this video. It clarify many things.
Thanks Nick and Andrea
Hi Nic and Andrea, I've been re-selling for over 10 years but full time for the last 2 after redundancy and moving in with my parents. The hmrc or at least advisers seem clueless but the threat hammer ever looms. I certainly don't make enough profit to qualify for tax but you never know I guess. It's nice to know eBay sort of understands the process.
Thanks for the update everything you said makes sense cheers
Thanks Jason - Glad it was helpful
hi nic & andrea you mentioned about your ledger in your previous HMRC video just seeing how is it laid out as im thinking of doing one but unsure how to lay it out
your videos are really helpful....thanks for sharing!!!
Our pleasure :0
Thanks for that update nick helped settle few worries still have apprehension of being audited lol
Our pleasure :)
Thanks, really appreciated this vid....very interesting. I was audited myself a few years back :(
Thanks - hope it went well
Hi. Thanks for these videos, they're incredibly helpful. I think I'm about to open another can of worms, but here goes... Is it necessary for part time eBay resellers to have liability insurance?
I have just set up an eBay business account (after selling on a personal account for 3 years), as I haven’t earned £1000 in the last tax year, do I need to sign up for self assessment and tell the hmrc? Or wait till the next tax year if I have earned over £1000, then tell them and sign up for it? Thanks
Very interesting thank you
My pleasure
HMRC aka The Mafia
Its great that you cover all aspects of reselling including HMRC issues - are private sellers supposed to be mindful about when they hit the £1000 threshold and then start keeping receipts and creating ledgers or should you start from the first item you sell on Ebay? Many thanks!
grace rudders I’m curious to know the answer to this question aswell
As I'm hoping to start part time reselling in a couple of months I had a chat with an account regarding claiming expenses for carboot purchases and he suggested that a spreadsheet record would also work for the HMRC. Also, as I'm gathering stock so I have a reasonable quantity of items when I open my eBay shop, he says I can use the spreadsheet to generate a value for stock purchased prior to starting trading.
yes that sounds helpful :)
Nic you say at 6.10 the HMRC DESTROYED HIS RECORDS but he got them back what does that mean
Big thankq for doing this Video ..
No problem - hope it helped :)
any chance of a link to the BLOG ? THANKS GUYS
Kelvin Burton link under the video in description box, Jo
I'm just getting started and the whole tax situation is daunting! However, given the amount if Ebay sellers you'd think they'd want to be make this easy for people to be above board and declare earnings. I think it's one of those situations where they have to give an official line...but the reality might be different!
Yes Jo I think you are right - there is an official line but when it comes down to the reality they are capable of seeing sense...
They told me this too
It amazes me on just what you dont get taxed on,secondhand goods that have already been taxed and VAT. They want every bite of the apple.
Hi, I’ve been selling a few items on eBay over the last few weeks and am looking at doing more, at what point will I need to start paying tax and do I need a business account
Thanks
If you are a private seller you dont need to pay tax, if you are a business seller on eBay you will need to.
Nick and Andrea you both r blessed with a beautiful smile please ignore P Brown post...I think he was in a wrong TH-cam channel...He might be interested in comedy channels :-)
Thanks Lucia :)
How common are audits? I'm surprised you've been audited, was it just random?
Not common at all, I wouldn't worry about it
I feel quite strongly about this. If you take into account, your initial outlay for the item, you then have royal mail with their hand out, you have ebay with their hand out for 10% and paypal wanting their 2.5% for doing absolutely nothing other than charging you to receive/transfer your own money. HMRC have the audacity to want a cut as well. Makes me absolutely furious. Surely you don't have to register to resell crap you find at a boot sale, especially if you work full time and only resell what you find on a sunday. Can you confirm this Nick, and how do you personally feel about it?
If you follow HMRC guidelines to the letter then yes you do need to declare what you make even on a part time, small scale, & we have always declared our earnings for tax purposes. I can only advise people to do the right thing, I don't want people to avoid paying tax and get into trouble
Great video. I am registering with the hmrc next week - self employed. Quick question - I have some existing stock - how can the company buy it off myself (goods worth £1000 and cost around £400 to purchase). Thanks sue :))
Hi Susan - I do not know the answer to this, best to speak to an accountant or the HMRC
Thanks :))
You sell it to yourself with a receipt and then pay capital gains tax the sale is above your personal tax exemption threshold :)
I love a happy ending. hehe
Ha Ha - I thought as soon as I said that that someone would pick up on it - why am I not surprised it was you Steve :)
U no me pal lol
Do not rely on the HMRC helpline to give you accurate information. If you want to rely on advice then you need to ensure you ask in writing and get a written reply.
How long does PayPal keep records for?
Financial institutions are required to keep record for 6 years.
I can list 750 items on ebay per month tax free .
what?