We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Etsy fees, turnover.

Options
foxy91
foxy91 Posts: 20 Forumite
First Anniversary First Post
edited 11 December 2022 at 7:28PM in Cutting tax
Hi all,
I just had a quick question about turnover made from Etsy. When you sell on Etsy, the buyer pays Etsy then Etsy pay you with the fees already taken off, so in other words you never see the full amount the buyer paid for your item, in your own account. You don't get a bill for your fees at the end of the month or anything like that. So I was wondering if my turnover would be what all my buyers have paid Etsy or would my turnover be classed as what I actually received with the fees removed? So for example on my tax return would I class my turnover as what I actually got paid into my bank. Or what the buyer paid and then class the fees that were already taken off as an expense? Even though I never technically paid the fees they were automatically deducted before I received the payment from the sale.

Many thanks

Comments

  • Jeremy535897
    Jeremy535897 Posts: 10,458 Forumite
    First Anniversary First Post Name Dropper
    Options
    You would normally treat the turnover as the amount before the deduction of fees.
  • whizzywoo
    Options
    I used to sell on Etsy but retired 3 years ago.

    When they changed the billing System to how you describe above it made keeping records a lot more difficult. 

    I started to record the full amount of each sale as it happened so that I knew my correct turnover figure.

    To arrive at a figure for the Etsy fees I used to deduct the amount Etsy had paid into the bank from the turnover I had recorded. 

    There is a way to print off the fees but it ran into so many pages and pages.  So I just printed the summary page.
    "All shall be well, and all shall be well, and all manner of thing shall be well."  :) 
Meet your Ambassadors

Categories

  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.7K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards