jewellerygirl
2nd August 2010, 12:07
Hi
I would like opinions as to whether I should keep my ebay business separate from my limited company. I work fulltime but have been running an ebay shop for several years (sole trader) and decided at the end of last year to open a website (for which I set up a limited company). The website has incurred debts of around £3-4k due to stock and set up expenses. Since setting up the site I have sold around £1k and sales are slow. My ebay site on the other hand had sales of around £5k with sales on the whole increasing so what I started to do was use the stock that was sitting idle on my limited company website and sell it through my ebay site which is working quite nicely. It makes sense to me include the ebay business within the limited company so the profit on one cancels out the loss on the other and therefore I get my layout money back quicker. I am assuming that I would do my self assessment up to the day before the website took its first sale then after that all ebay sales would be classed under the ltd company. Does this make sense to anyone? I am just about to get cracking on the figures to take to an accountant which I know I should have done before I started!! Any advice much appreciated.
I would like opinions as to whether I should keep my ebay business separate from my limited company. I work fulltime but have been running an ebay shop for several years (sole trader) and decided at the end of last year to open a website (for which I set up a limited company). The website has incurred debts of around £3-4k due to stock and set up expenses. Since setting up the site I have sold around £1k and sales are slow. My ebay site on the other hand had sales of around £5k with sales on the whole increasing so what I started to do was use the stock that was sitting idle on my limited company website and sell it through my ebay site which is working quite nicely. It makes sense to me include the ebay business within the limited company so the profit on one cancels out the loss on the other and therefore I get my layout money back quicker. I am assuming that I would do my self assessment up to the day before the website took its first sale then after that all ebay sales would be classed under the ltd company. Does this make sense to anyone? I am just about to get cracking on the figures to take to an accountant which I know I should have done before I started!! Any advice much appreciated.