Recent content by brovski

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    Which expenses category?

    Hello, We sell on Amazon and therefore incur Amazon fees with every sale. For HMRC corporation tax purposes (we are an Ltd company), which category should we use for Amazon fees in the Profit and Loss statement? Is Administration and office expenses (box CP36) correct or maybe Sundry...
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    Invoices vs receipts

    Thank you @StevensOnln1 that helps but this is for VAT record keeping. We are not VAT registered and therefore will not be reclaiming it any time soon. When we purchase from online retailers for our business, some email confirmations we receive do not have VAT amount stated on them. They only...
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    Invoices vs receipts

    Once again, I am not talking about invoices but about receipts.
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    Invoices vs receipts

    Ok, but are the email receipts/order confirmation valid a business expense evidence and suitable for accounting/bookkeeping records?
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    Invoices vs receipts

    Thank you for your input, Mark. Yes, they do include VAT amount on the receipts. However, my question was more about the simple email receipts/order confirmations and whether they are accepted as business expense evidence in the eyes of HMRC or is it only proper invoicing documents that count...
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    Invoices vs receipts

    Hello, We are a newly-formed small Ltd company that is not VAT registered at the moment. As the nature of our business often requires us to purchase goods from retailers and online retailers, we are not always able to obtain a VAT invoice. As some of the goods we purchase end up being resold...
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    Are product samples/prototypes and photography session props/items classed as cost of sales?

    Ok, that's great, thanks a lot for this example. It makes a lot of sense! Coming back to cost of sales - if we were to sell online and buy stock from overseas, we would then incur a number of various fees: when buying, those would be bank transaction fees or PayPal fees etc. when selling, i.e...
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    Are product samples/prototypes and photography session props/items classed as cost of sales?

    Thank you @Trevor Andrews for this explanation. Does this mean that, since samples and photography props are only purchased once, they would skew any future comparison of gross profit month by month/year by year etc? Therefore, should not be treated as cost of sales? What I was also trying to...
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    Are product samples/prototypes and photography session props/items classed as cost of sales?

    Thank you for a prompt response! That absolutely makes sense! In regards to the product samples - the value of those was more significant as there was a number of suppliers we had ordered from. Should the just be classed as cost of sales? However, the will never be part of the inventory so not...
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    Are product samples/prototypes and photography session props/items classed as cost of sales?

    Hello, We have previously ordered some product samples/prototypes from China to asses their quality before purchasing a bulk order. Can these be classed as cost of sales? They will not be sold (most likely just binned as they were only samples without our logo etc.). Similar question is about...
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