Accountancy/book keeping

chemical.galaxy

Think I need a basic course in accountancy/book keeping.
Any of you business sellers done one?
The reason being that as my various business ventures are growing, the accounts are getting complicated and I don't want to get caught out! Looking back at threads on this forum I see that stock in hand' should be declared at the end of the year, something I did not realise...

spadoosh

What businesses are you running? Surely its just a case of self assesment at the end of year, not much needed for this other than reading through HMRC's self help guides?!

BTW not an ebay seller

Crowqueen

You also need proper accounts and records for six years. It can get intense and the bigger a business is the more paperwork is needed to keep track of things. eBay businesses are no different to ordinary businesses - there is nothing special about eBay as a venue - but for some people good accounting is necessary, particularly if you are approaching the VAT threshold.

If you want to go the whole hog, the Association of Accounting Technicians runs good courses through distance learning providers. I did it and although I intend to go back to academic study, it was a very straightforward book-keeping course that also provides training in accounts packages such as SAGE.

macfly

Just google profit and loss accounts. That shows you how to calculate stock movement. I keep a very accurate record of stock sold and remaining, as I like to know exactly where I'm at. But it's not necessary to do this. A best guess at the net value of what you have left is fine.