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Valuing Stock
SuperAllyB
Posts: 884 Forumite
Think my wife and I have finally got on top of what we need to do accounts wise.
Quick question, we know that stock (fabric in this case) is valued at cost, but are we right in thinking that P&P is an expense and not included? Seems obvious but just worried that HMRC have a different view but can't find a definitive answer.
eg buy fabric at £100 + £20p&p, means fabric is valued at £100?
All bought through fleabay so all receipts are detailed properly
Quick question, we know that stock (fabric in this case) is valued at cost, but are we right in thinking that P&P is an expense and not included? Seems obvious but just worried that HMRC have a different view but can't find a definitive answer.
eg buy fabric at £100 + £20p&p, means fabric is valued at £100?
All bought through fleabay so all receipts are detailed properly
0
Comments
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All stock should be valued at cost or net realisable value. Cost should include all expenses incurred to get the items to their current location so postage would be included.0
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