selling as a business on ebay-advice please

soolin

To be honest I don't even do that, I have no need. The income is all mine to spend all that matters to me is my accounts at the end of the year on which I pay tax.

I don't save this money particularly so I just draw it as soon as I want to buy something , it doesn't matter at all to me whether I draw £10 or £100 at the end of the tax year I still have my total income, less total expenses to give net taxable income.

If you are likely to get confused or to spend too much then maybe keeping a balance sheet to remind yourself how much you need to retain for tax may be a good idea, otherwise just bung a bit away every week or month towards the tax and spend the rest as you need to.

The way I do it means i have no accounts to balance. My books show how much i have spent and how much I have earned. If I have say £300 in my account and spend £50 on a dress (personal expenditure) and £50 on a bulk order of jiffy bags (business expenditure) I just note in my books that on the 21st April I paid 'jiffy bag man' £50 and put the receipt in my files.

My accounts coudn't be much simpler if I tried, I prefer it like that.

vangirl_2

soolin wrote: »

maybe keeping a balance sheet

:eek:

Only joking :rotfl:, all good advice

missindecisive

thanks everyone..you've all been really helpful..esp soolin. thanks:j

2652147

Hi guys

Well as I'm also seriously considering the thought of being a business ebay seller I thought I'd drop in and check up :cool:

Is it correct that you don't need a business bank account ? I have an old Halifax account which is used soley for my AOL monthly DD so would be ideal to use for my business side of life . Would that be ok ?

Also .. Would any tax cedits be paid into the business account or do I keep them seperate ?

Jonson

also muhlady it may be an idea to talk to Royal Mail about a business account on 01925 246 400

missindecisive wrote: »

hi everyone, I am thinking of becoming a business seller on ebay..am looking for some advice please from those in the know.

Ive already bought and sold a few personal items over the last couple of years, have a paypal account and know the basics. In the first year, I really don't expect to make much money (probably only be a few hundred £) nether the less I will need to declare myself.

Im worried about keeping my future business records..ive not much idea really how to 'present' it on paper. if anyone could recommend any good websites/books/info I would really appreciate it.:jI seriously doubt i'l be using an accountant as I will be a very small scale sole trader.

Im also confused how to deal with my postage costs..at the moment if say, for example, I sell a pair of my shoes, the buyer pays into my paypal account for the winning amount plus postage. Then I post it,paying at the post office with my own personal debit card. If I was to become a business seller, I would'nt want to do this, think it would be too confusing. Ive been looking into getting a paypal top up card. Has anyone else got one for this reason,is it a good idea? I'd have to load it with funds from paypal then use it in the post office to pay my postage. perhaps there is a simpler way but at the moment I just can't think of it:o

the final question is; is it really hard/complicated to fill in your tax return? hope there is someone out there who can give me some friendly advice. TIA :A

soolin

To get business rates and a PO account though you need thousands in postage per year, my postage runs into the low thousands and I still don't have enough to qualify.

Caseyface

How much do you set aside per week/per month for your tax and national insurance?

I understand it would depend on your actual income, but if you are earning under £30'000 a year?

Thanks

soolin

It depends on how much, if any of your personal allowances you have left, what rate of tax you will pay etc.

As for NI you can pay that by monthly DD .