Selling on Ebay...oh man,what the heck do I need to record for Self Assessment?

So for the last few months I've been selling things on Ebay and keeping zero records.

Now I registered for Self Assessment Tax Return I need to tell them some details that I don't really know.

What do they need to know and how do I find the information? Do the "Fees" for Paypal and Ebay count as an expense? If so do you have to calculate the fees on Ebay and Paypal individually or is the one listed on the Paypal invoice the one for both?

I'm so confused. What do I do?

Comments

  • 00ec25
    00ec25 Posts: 9,123
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    edited 17 June 2017 at 11:24AM
    are you selling personal possessions or are you selling stuff you have purchased (eg at car boot sales)? In other words are you deliberately buying and selling stuff with a view to "trading"?

    assuming you are trading then you declare the gross amount the item sold for on e bay and you deduct the e bay fees and paypal fees to arrive at your net profit which is the amount you will be taxed on.

    good grief, surely you can work out what the total fees are yourself given you know how much it sold for and you know how much cash you got into your bank account. Paypal fees are not inclusive of e bay fees, as the maths will show you.
  • martindow
    martindow Posts: 10,198
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    Your sales almost invariably use Paypal so you can use their monthly summaries to give your turnover and fees. I don't know much about what Ebay offers but they presumably offer something similar to summarise their fees for a month's worth of transactions.

    Hopefully you've not got this muddled with personal sales which will complicate matters.
  • p00hsticks
    p00hsticks Posts: 12,672
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    00ec25 wrote: »
    assuming you are trading then you declare the gross amount the item sold for on e bay and you deduct the e bay fees and paypal fees to arrive at your net profit which is the amount you will be taxed on.

    Don't forget you also need to deduct the original cost of the item
  • 00ec25
    00ec25 Posts: 9,123
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    p00hsticks wrote: »
    Don't forget you also need to deduct the original cost of the item
    agreed, but have they got documentary evidence of what they paid: purchase invoice, receipt?

    (sorry, for no particular reason at all, I was guessing on them selling stuff purchased from car boot sales)
  • theonlywayisup
    theonlywayisup Posts: 16,031
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    As above.

    What have you been selling. Are they items you have accumulated over the years and are having a clear-out or items you've purchased/made to sell on.

    As martindow says, the reports facilities within Paypal are the ones you should use. They contain all your transactions, fees and bank transfers.

    If you go to your eBay account you will find your invoices for their fees.

    Paypal and eBay fees are different. eBay fees are for listing, final value fees and auction enhancements and are billed to you through eBay on a monthly cycle. Paypal fees are taken the moment the money hits your account.

    Aside of your accounts, you need to make sure you are compliant regarding returns legislation and online selling legislation. But until you've clarified your selling situation I won't go any further.
  • Pennywise
    Pennywise Posts: 13,468
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    p00hsticks wrote: »
    Don't forget you also need to deduct the original cost of the item

    And the costs of postage and packing.
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