Recent content by delicious3141

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    How do I account for money received in other currencies?

    Thanks! So for a business where I don't send invoices and money just comes in automatically as eBay makes sales for me would be it be okay to take a monthly sales report in Paypal which shows how many Euros came in that month and then convert that to GDP using the corrosponding bench rate for...
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    How do I account for money received in other currencies?

    Hello everyone, I have an online eBay/Amazon business and have recently started listing on some of the foreign versions of these websites. amazon.de, ebay.fr etc. My question is in regards to how I account for the foreign currencies that come in. For example. My eBay.fr sales arrive in...
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    Paid my taxes mid December but Student Loan debt hasn't gone down?

    I filed taxes beginning of December and Direct Debit went out successfully mid-december. Logging into HMRC website a month ago it showed I had paid all taxes and am not due any payments until next balancing payment in July. However as part of my tax bill I paid around £2.5k towards my Student...
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    Paid taxes online via Direct Debit. Money still hasn't gone out.

    My tax bill was about 15k I went online to pay and set up a one time direct debit. I set it up on 25th but it said on site the earliest I could time it for was 29th so I chose that. It's now the end of the 3rd and it still hasn't gone out of my bank account. Is this normal?
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    Accountant thinks changing my year end is a good idea

    OUTSTANDING reply David. Thank you SO much! You've really helped me out. From what you've said I can't see too much advantage to changing the year end especially as my profits aren't growing at the moment and I've had 15k set aside earning 0% interest for a year now anyway so clearly I'm not a...
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    Accountant thinks changing my year end is a good idea

    So I've only just signed up with an accounting firm for the first time. I'm a sole trader and here is my situation. Last Tax year I started my business in december. My accounts ran Dec 1st to April 5th and my profit was 5.2k so I was below the threshold and no income tax was due. Now for...
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    Clarification on tax bands

    Thanks for confirmation. Happy news :) Today I intellectually earned several thousand dollars... It's funny cause I'm not nearly as happy as I would be if somebody has just dropped off a briefcase with £2000+ in cash at my door and yet this information is essentially the same :D
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    Clarification on tax bands

    Hey guys, I just did an online tax calculation and my estimated tax bill was lower than I thought it would be. The reason is I thought the way the tax bands worked is that the first 8k (aprox) was tax free then 9-36k (aprox) was 20% and then 36k upwards was 40% (the highest band isn't relevant...
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    If I sell prints through an online website how do I declare turnover?

    I create the prints and normally order and sell them myself through eBay, Amazon etc. Companies like Cafepress however allow you to upload your own designs and allow you to sell the design through all kinds of products that they create and dispatch for you (cups, hats, t-shirts, mousemats etc)...
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    If I sell prints through an online website how do I declare turnover?

    The reason I ask is because it feels like the turnover isn't MY turnover. This other company is turning the money over and then sending me the cut that I select on top of what they always charge people. That's a good additional question, companies like this basically take everything off your...
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    If I sell prints through an online website how do I declare turnover?

    I'm thinking of selling prints I've designed on a few websites that do all the printing and fulfillment themselves, for example cafepress or fine art america (can't post exact URLS as have less than 30 posts) My question is if I sell through sites like this what counts towards my turnover for...
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    Doing other business alongside my normal stuff?

    A few questions I hope you generous people can clear up for me. 1. I'm registered as a sole trader and my business is online retail selling photographs. Now if I wanted to start selling some of my drawings online is it okay to just combine all this into the busines even though it's not really...
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    Can I buy up a bunch of stamps just before April 5th?

    Thank you Anna, that's brilliant, you explained it all perfectly. Very much appreciated.
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    Can I buy up a bunch of stamps just before April 5th?

    Thanks a lot guys, you've been super helpful. Extra thanks to Anna for breaking it down with an example like that. Makes it so much clearer. So if I had a surplus of say £1000 worth of stock and in the next year I bought £500 and in the year I sold the entire stock on my tax return for that...
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    Can I buy up a bunch of stamps just before April 5th?

    Another question if you guys don't mind. Often times with stock I will discontinue a certain listing which isn't selling (because it costs a certain amount to keep listings up) or for other reasons and then give away the photos when somebody buys something else as a 'free gift' as a strategy...
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