eBay Sales - Advice on Declaring it to HMRC

vangirl_2

If your already trading you need to file your 2008/2009 figures before January 31st online. If you want to avoid penalties for not informing them of your self employement either it filed or inform them of what you are doing asap.

When did you start trading?

soolin

jason.parker.86 wrote: »

Yeah but I dont have to fill in the SA till next april because it is sales from April to March 2010?

What happened to the current year then? In your first post you said

Hi people,

I have recently been selling on eBay and doing very well on their.

which implies you are alreadytrading. Since the 2009/2010 tax year only started Monday I assume you have a liability for the tax year 2008/09 year.

Yeah I dont mean to come accross arrogant but why pay an accountant to do something that I can do my self?

Knowing your tax years might be a good start.

jason.parker.86

OK lets say my turnover is £60,000 a year - i am not above the VAT allowance and as for the stock, my understanding from previous posts is this does not enter your accounts until its sold as items / goods.

i.e. its invisible until sold

vangirl_2

Soolin, I remember that. Didnt she end up with a £6000 tax bill because she had not been calculating stock correctly

soolin

jason.parker.86 wrote: »

OK lets say my turnover is £60,000 a year - i am not above the VAT allowance and as for the stock, my understanding from previous posts is this does not enter your accounts until its sold as items / goods.

i.e. its invisible until sold

Apparently not so, the user I am thinking of was told this would only apply to a basic set of accounts, ie those for under £15k. basically, in laymans terms the stock needs to be apportioned otherwise for larger accounts a tax bill could be artificially reduced by the purchase of a lot of stock just before the new tax year. So you need to show stock in but then remove stock still held at end of year, plus account for losses or damages as a write off.

soolin

vangirl wrote: »

Soolin, I remember that. Didnt she end up with a £6000 tax bill because she had not been calculating stock correctly

That's right, it was a huge bill, i just can't remember what user it was and a quick search turns nothing up thread wise.

jason.parker.86

Has the 15,000 limit changed to 30,000:

"If your annual turnover is below £30,000 you can choose to record your expenses as either a single total value or as a detailed breakdown. If you choose to record as a single total value you will be asked to enter your total allowable expenses in 'Total allowable expenses'."

vangirl_2

I stand corrected. I has gone up to £30,000

jason.parker.86

Anyone got a spreadsheet or anything that could aid me on my way?

soolin

I can't see that they have changed the limit, do you have a link?

My bookmark to HMRC still appears to show £15k

http://www.hmrc.gov.uk/saemployees/faq/faqdoineedfillinse1.shtml