First time filling out self assessment for ebay sales

Krakkkers

As above this year will be the first time filling out a self assessment form for year 24/25 due to my ebay activity.
I have a record of all income and outgoings but is it only for my ebay activity or do i include ALL income? i have no idea.

GrumpyDil

If you need to do a self assessment, unfortunately it will be for everything.

MyRealNameToo

Krakkkers said:

As above this year will be the first time filling out a self assessment form for year 24/25 due to my ebay activity.
I have a record of all income and outgoings but is it only for my ebay activity or do i include ALL income? i have no idea.

All income but each income source needs to be in the correct part of the form, so if you tick the box that you are self employed (eBay) and also an employee you will fill in the general, sole trader and employee sections. It will calculate the tax due on the total income and deduct off the tax already collected from your PAYE to calculate the net amount due. 

Dazed_and_C0nfused

Krakkkers said:

As above this year will be the first time filling out a self assessment form for year 24/25 due to my ebay activity.
I have a record of all income and outgoings but is it only for my ebay activity or do i include ALL income? i have no idea.

No, you only need to worry about taxable income.

Employment, pension, interest, dividends etc.

But not ISA interest, non taxable benefits etc.

Krakkkers

Thanks for the above replies, i think i will also watch a few youtube videos to see what i can claim for, heating etc

MyRealNameToo

Krakkkers said:

Thanks for the above replies, i think i will also watch a few youtube videos to see what i can claim for, heating etc

Heating? You are selling hot or alive products?

Krakkkers

No but as i understand it (which is not much) i can claim for certain thing when working from home as a sole trader.
I buy, repair, sell old digital watches on ebay

MyRealNameToo

I'd argue you are much better off claiming a flat rate as per https://www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home unless you are selling something that increases the need for heating etc. 

The last thing you want is a HMRC investigation because you are being greedy and stick out from the norms. 

Krakkkers

MyRealNameToo said:

I'd argue you are much better off claiming a flat rate as per https://www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home unless you are selling something that increases the need for heating etc. 

The last thing you want is a HMRC investigation because you are being greedy and stick out from the norms. 

Good advice, thanks

soolin

Also be cautious about claiming too much of the house expenses, it can, in certain circumstances cause issues with both your household insurance, and CGT when  you come to sell. A small percentage of costs is allowable, but keep them very moderate, 

LITRG

Hi

We have lots of information that will help you to complete a self assessment tax return for the first time when you are self-employed in the self-employment section of our website: Self-employment | Low Incomes Tax Reform Group. We also have information about the self-assessment system itself : Self assessment and tax returns | Low Incomes Tax Reform Group 

Our section on common business expenses when self-employed includes detailed information about claiming various expenses, and there is a section on expenses when working from home in Business expenses: allowable for tax | Low Incomes Tax Reform Group .

We also produce a downloadable PDF guide to self employment which covers things like registering with HMRC, how to prepare accounts (with examples) and how to complete your tax return which you may also find very helpful: Self-employment: a guide | Low Incomes Tax Reform Group

We hope this is useful