Going eBay 'full time' - accounts?

MarkBowness

I am looking at the possibility of going eBay full time - what details do I need to record in order to do this, for tax purposes - just monthly incoming and out goings and if there are any full timers here is there a 'stencil' sheet that they have for this that I could use?

Mark

1jim

i keep a record of all sales
the cost of the item to buy, what it sold for (including the amt charged for p&p), the ebay charges, the paypal charges, postage charges (just what it cost to post not what you charge the buyer). subtract the charges from what you sold the item for and that is your profit before you add in stationary/packing materials/paper/ink etc
I print off a list of ebay charges and paypal charges every month to keep as a record for the taxman, i get a reciept from the post office (in addition to proof of posting) also for taxman, i just use a book at the moment but am looking at using the computer soon for the calculations but them i have a website also so it complicates things slightly

Always keep a copy/record/reciept of everything and you cant go far wrong
also check out this website for information that may be useful for setting up as a small business/sole trader

http://www.businesslink.gov.uk/bdotg/action/layer?r.s=m&topicId=1073858805&furlname=startingup&furlparam=startingup&ref=http%3A//www.inlandrevenue.gov.uk/startingup/&domain=www.businesslink.gov.uk

and

http://www.inlandrevenue.gov.uk/startingup/

hope this helps

jim

mcwarre

Look in this thread for additional info http://forums.moneysavingexpert.com/showthread.html?t=39616