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Quick question from new Ebay business seller about already purchased stock
shapala
Posts: 650 Forumite
Hi all
Today I have become a new business seller on Ebay, and I will be selling electronics and computer components.
If I have already purchased components with the intention to sell (once received) before my business was established on Ebay, can I retrieve the tax on this stock when I complete my self-assessment tax forms despite establishing myself as a business seller today and also notifying HMRC of my intentions today also? It wasn't a major expense but I just want to know if I can add it when the time comes to do my forms. Apologies, I'm a bit clueless about tax despite lots of reading so need a little assistance. Thanks for any and all help.
Today I have become a new business seller on Ebay, and I will be selling electronics and computer components.
If I have already purchased components with the intention to sell (once received) before my business was established on Ebay, can I retrieve the tax on this stock when I complete my self-assessment tax forms despite establishing myself as a business seller today and also notifying HMRC of my intentions today also? It wasn't a major expense but I just want to know if I can add it when the time comes to do my forms. Apologies, I'm a bit clueless about tax despite lots of reading so need a little assistance. Thanks for any and all help.
0
Comments
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Yes you can0
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Hi all
Today I have become a new business seller on Ebay, and I will be selling electronics and computer components.
If I have already purchased components with the intention to sell (once received) before my business was established on Ebay, can I retrieve the tax on this stock when I complete my self-assessment tax forms despite establishing myself as a business seller today and also notifying HMRC of my intentions today also? It wasn't a major expense but I just want to know if I can add it when the time comes to do my forms. Apologies, I'm a bit clueless about tax despite lots of reading so need a little assistance. Thanks for any and all help.
Yes. Just be a little careful about the timings - you are supposed to register as self-employed with HMRC within 3 months od starting trading, so hopefully you bought the stock with the intention of reselling less than 3 months before, to be squeeky clean.They deem him their worst enemy who tells them the truth. -- Plato0 -
It makes no difference when you bought the stock. 3 months or 10 years.
It would only be relevant if you were VAT registered and bought it before the rate changed.0 -
Ok, many thanks guys. I only bought the stock last week so with what you have both mentioned it should be fine. Thanks again.0
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