Inland Revenue cracking down on traders on eBay

Golden_Calculator

razorbladekisses wrote:

So, is it better to get an accountant or is it fairly easy to do it yourself?

If you are willing to do all the research yourself on what you can and cant claim then you should be perfectly capable of completing your own tax return. Accountants will charge a small fee for guiding you through this process and will provide guidance on your particular circumstances.

Sarahlouise210 is clearly a credit to the Revenue with such long service and for providing such advice. In addition for going beyond her everyday duties during her teabreaks and providing users of this forum with guidance I applaud her.

sarahlouise210

Golden_Calculator wrote:

Sarahlouise210 is clearly a credit to the Revenue with such long service and for providing such advice. In addition for going beyond her everyday duties during her teabreaks and providing users of this forum with guidance I applaud her.

I applaud you:T as I am sure you are very proud of yourself for your sarcasm and wit -:think: everything I say is correct and yes I have gone beyond my everyday duties...we do not have internet access at work (or indeed designated tea breaks) and would not have time to access it if we did - I am not actually at work at the moment as I have a a brain tumour..this does not mean I do not know what I am talking about...

Golden_Calculator

sarahlouise210 wrote:

I applaud you:T as I am sure you are very proud of yourself for your sarcasm and wit -:think: everything I say is correct and yes I have gone beyond my everyday duties...we do not have internet access at work (or indeed designated tea breaks) and would not have time to access it if we did - I am not actually at work at the moment as I have a a brain tumour..this does not mean I do not know what I am talking about...

I'm sorry to hear of your situation and wish you the best.

I apologise for any sarcastic or witty undertones in my previous posting, however I was genuinely thanking you for your comments on this issue and the advice you provide day to day. I have never doubted that you know what you are talking about.

Perhaps I should point out to any other witty viewers at this time that I am also on leave at present!

Let me ask you this one though...

An ebay traders business takes off having found a niche in the market. Sales exceed the vat limit resulting in profits of £40,000 in the tax year. The ebay trader comes to yourself or one of your colleagues and asks for advice on saving them tax. What is your advice? and is this advice provided in Revenue literature?

sarahlouise210

VAT advice would be available if asked for ..though not dealt with in my department as we deal with PAYE tax and tax on actual Self Employed earnings - not VAT.If someone where to visit an enquiry centre with a VAT query then a specialist would help and give advice. I would say that if someone can make a PROFIT of £40,000 on EBAY then keep it quiet here...or we will all be doing it!!!

Golden_Calculator

Ok that was a slightly extreme example but with profits of £40,000 there is potential to save over £3,000 per annum but I very much doubt the solution is given out as advice by Revenue staff. In the same way there are tax savings to be made for much smaller businesses even though the amounts involved are much lower.

Sugar_Coated_Owl

It's all appearing far too confusing for my brain to handle lol

scoobydoo2_2

thanks for the spreadsheet golden calculator, 3rd time lucky!

haven't used it yet but looks good!

wubbzy

hi, everyone i have read this thread and others on this forum over and over trying to get all the info to sink in (think im getting there slowly), thx to everyone.
next week i intend to register as self employed and start trading on ebay, i will be buying items from car boots, out of the local paper and from ebay, i intend to get round to seeing an accountant, but to help myself and others who may be reading this due to the new tax year being about to start etc, could anyone answers a few questions,

1. when buying items from a car boot and out of the paper is written down records of costs enough (as receipts obviously arent an option)

2. can anyone recommend a spreadsheet (struggling a little with the best options for heading )

Hintza

If I were you I would have a couple of spreadsheets.

You need one to detail your transport costs to boot sale, entry fees if any etc.

Then one for what you bought, cost etc

wubbzy

thx fo the advice hintza, is anyone able to answer my couple of questions, trying to sort out my final queries and could really do with some help, i also had a third question which is

3. i no i can claim 40p a mile expences but do i have to have business insurance to claim this expence or can i still claim it with my car being insured normally.

any advice appreciated