Short or Full Tax Return for eBay Trader?

Rhymsta

I will be finishing my first year as an eBay trader at the end of this tax year in April. I have already been filling in a tax return for my self employed and employed income in previous years.
This tax year, however, I have only been trading on eBay.
My business involves buying stock and I will have quite a bit of it unsold at the end of the tax year.
The short tax return basically asks for my income after allowable expenses have been taken off.
Do I take it that I will need to fill in a full version of the return in order to take account of stock?
What is confusing me is that on the HMRC website it says I need to be doing over £73,000 TO to use the full version whereas my income will fall below my personal allowance. So if it's the short version how do I treat unsold stock at year end?

Wywth

Rhymsta wrote: »

I will be finishing my first year as an eBay trader at the end of this tax year in April. I have already been filling in a tax return for my self employed and employed income in previous years.
This tax year, however, I have only been trading on eBay.
My business involves buying stock and I will have quite a bit of it unsold at the end of the tax year.
The short tax return basically asks for my income after allowable expenses have been taken off.
Do I take it that I will need to fill in a full version of the return in order to take account of stock?
What is confusing me is that on the HMRC website it says I need to be doing over £73,000 TO to use the full version whereas my income will fall below my personal allowance. So if it's the short version how do I treat unsold stock at year end?

Your accounts should have a closing stock value included within them. This is taken into consideration when establishing your business profit (i.e. your income)

Rhymsta

Wywth wrote: »

Your accounts should have a closing stock value included within them. This is taken into consideration when establishing your business profit (i.e. your income)

Yes and there are boxes for opening and closing stock values on the full return but not on the short version - just a box for income after allowable expenses have been taken off. Still confused...

Wywth

Rhymsta wrote: »

Yes and there are boxes for opening and closing stock values on the full return but not on the short version - just a box for income after allowable expenses have been taken off. Still confused...

Then just declare your income as per your accounts

If you cannot prepare accounts, I suggest you find an accountant to do it for you.