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  • FIRST POST
    • Sand87
    • By Sand87 16th Jun 17, 1:49 PM
    • 44Posts
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    Sand87
    Selling on Ebay...oh man,what the heck do I need to record for Self Assessment?
    • #1
    • 16th Jun 17, 1:49 PM
    Selling on Ebay...oh man,what the heck do I need to record for Self Assessment? 16th Jun 17 at 1:49 PM
    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?
Page 1
    • 00ec25
    • By 00ec25 16th Jun 17, 7:40 PM
    • 5,566 Posts
    • 4,971 Thanks
    00ec25
    • #2
    • 16th Jun 17, 7:40 PM
    • #2
    • 16th Jun 17, 7:40 PM
    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.
    Last edited by 00ec25; 17-06-2017 at 12:24 PM.
    • martindow
    • By martindow 17th Jun 17, 12:01 PM
    • 7,300 Posts
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    martindow
    • #3
    • 17th Jun 17, 12:01 PM
    • #3
    • 17th Jun 17, 12:01 PM
    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
    • By p00hsticks 17th Jun 17, 1:29 PM
    • 5,787 Posts
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    p00hsticks
    • #4
    • 17th Jun 17, 1:29 PM
    • #4
    • 17th Jun 17, 1:29 PM
    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.
    Originally posted by 00ec25
    Don't forget you also need to deduct the original cost of the item
    • 00ec25
    • By 00ec25 17th Jun 17, 2:28 PM
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    00ec25
    • #5
    • 17th Jun 17, 2:28 PM
    • #5
    • 17th Jun 17, 2:28 PM
    Don't forget you also need to deduct the original cost of the item
    Originally posted by p00hsticks
    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
    • By theonlywayisup 18th Jun 17, 7:47 AM
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    theonlywayisup
    • #6
    • 18th Jun 17, 7:47 AM
    • #6
    • 18th Jun 17, 7:47 AM
    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
    • By Pennywise 20th Jun 17, 9:05 AM
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    Pennywise
    • #7
    • 20th Jun 17, 9:05 AM
    • #7
    • 20th Jun 17, 9:05 AM
    Don't forget you also need to deduct the original cost of the item
    Originally posted by p00hsticks
    And the costs of postage and packing.
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