Selling Your Stuff on Amazon Part 11 - Advice for newbies in first two posts

soolin

lallysmum wrote: »

Thanks.. it'll be a while before I get to that point, but it will go on my every increasing list of ways to make more money. I need a new pad...

You will get hooked though, I never travel anywhere now without a fold up bag in case I pass a shop selling second hand books I can browse. I have books everywhere!

Joe_R

soolin wrote: »

As soon as you buy with the intention of selling then yes you need to register with HMRC. You have 3 months to do so and of course all your expenses are then tax deductible.

What's the process for this by the way (i.e. how long does it take and would we have to pay any money)?

Joe

soolin

Joe_R wrote: »

What's the process for this by the way (i.e. how long does it take and would we have to pay any money)?

Joe

At some point within 3 months of starting to sell you need to phone HMRC, there is a dedicated number floating around the internet somewhere. Just tell them you are selling books in your own name (or you can use your Amazon name if you prefer) and that you will start your accounts on say 1st october, the date on which you first bought an item to sell.
Usually HMRC will offer you gree workshops on how to trade, I even have a business manager who I can phone for basic advice about expenses or anything really. I'm registered under my real name, not a trading name, as I sell on ebay as well as Amazon and use different IDs for both)

To be really simplistic do your accounts to 5th April each year, I submit mine online and just need all expenses, all income and any other adjustments. I keep a very simple book, all my income is in one place and added up to give a grand total. Then all my expenses are recorded, so postage, stationery (envelopes , paper labels etc), and taking one from the other gives me a taxable profit.

When you do your tax return your personal allowances are usually taken first against your earned income (under PAYE) any unused allowances then can go towards your self employment. If all your allowances are used elsewhere then you pay tax on your net profit. Do it online though and it is all done for you.

tirlittan

Popping in again. Hello all! Was bit disappointed that it's been quiet on my amazon account for awhile now, then went to put it on holiday setting as off tomorrow and realised I never took the holiday setting off when I had a weekend away 3 weeks ago! Shame on me, all the lost opportunities... :(Must remember to change holiday settings when I come back this time.

boston_uk

LTNS! Up in the west mids temporarily - been in and out of hospital for months and still trying to buy a house in the middle of nowhere - nearly succeeded now!

Time has come to bow out gracefully and thank everyone for the info and support and help here before we start the long trek down south to the place of no post offices within 7 miles.

The whole lot (about 900 including greenmet stuff) will be going on to ebay with envelope stocks and other goodies - and the open listings report for ease of listing!! Feel free to pm with enquiries if you want (and if it is ok to say this in the forum!)

wilf55

wow boston will miss you xx

boston_uk

thanks Debs - will miss everyone here too though I haven't been around of late.

funkyfunkymonkey

Hi Boston-uk, will miss you. Have you also mentioned your sale on the Amazon discussion board, if you are in the midlands Chris of Priority might be interested. Although, I think he likes to buy low so that he can sell on in bulk - he might be interested in ready prepared ones though.

Good luck, let us know how you get on.

FFM

JesaRose

Please can someone tell me what the Amazon sellers club is? Is it part of this thread or another thread? I've tried searching the forums but can't find anything else and would like to find out a little more.

Thanks

funkyfunkymonkey

Hi Jesa, You're in the right place - this is it.

I think the Amazon Sellers Club was set up by Apprentice Tycoon a couple of years ago. As people joined this thread and got addicted to selling they 'joined the club'. I don't think there was anything other than the cameraderie and an occasional 'challenge'.

You just asked to join and AT gave you a number - sadly AT doesn't hang out here anymore. But a few of us still drop in from time to time. The other long serving 'member' is Soolin.

FFM