Tax Return & Bookkeeping

whowhatwhere15

Hi, Im trying to do my bookkeeping so when I have to do a tax return it all runs smoothly. The thing is Im a bit confused, I buy & sell on ebay so I have to send the good which the customers pay for. When thinking about tax return and total income & when doing bookkeeping do I need to record p&p or does it not come into my income?

Thank You

antrobus

whowhatwhere15 wrote: »

.... When thinking about tax return and total income & when doing bookkeeping do I need to record p&p or does it not come into my income?.....

Any amounts you charge customers for p&p form part of your income; any amounts you pay in respect of p&p are an allowable expense.

whowhatwhere15

Thank you antrobus, I can get on with that now

whowhatwhere15

One more thing that is very similar, when doing cost of items for resell do I include tax & delivery. For instance I have a Invoice for 49.80, 31.50 is the items, 10 delivery & 8.30 vat. Is the Vat & delivery just part of the costs I pay and so come in with the amount for items to resell or do I take the 49.80 and record that as cost of items for resell then claim the delivery costs and vat on expenses or is it just 31.50?

Suarez

Are you VAT registered?