Recent content by JoshWinnard

  1. J

    Cash Basis - Stock Damages

    Yeah that makes sense! Thank you :)
  2. J

    Cash Basis - Stock Damages

    If I'm using cash basis accounting and I buy some stock, claim it as an expense and it gets damaged, would it still classed be an expense? I've seen some answers to this but it doesn't quite make sense to me, so I'll put a basic example to try and explain how I'm looking at it. I start a...
  3. J

    Small Online Trading Card Business - Start Up Help

    I know im definitely over thinking, but i just want to be absolutely sure, but to be honest this thread may have confused me more hahaha i think this is more accrual based? Seeing as im doing cash, is it not a case of claiming the purchase of stock as an expense when i pay for it instead of when...
  4. J

    Small Online Trading Card Business - Start Up Help

    Yeah okay. I’ll just keep a record of expenses then when i do go past £1000 i’ll have a record of it all either way. Also, after mulling it over, i think with regards to my starting inventory, im just going to class it as how i would if i put money in (capital introduced as you referred to it)...
  5. J

    Small Online Trading Card Business - Start Up Help

    Right okay, i guess thats just to stop people endless using the profit to buy stock and then recording it as an expense to avoid paying any tax. I do have a few more questions that have come to mind tonight unfortunately haha. My understanding of cash basis is that i record the income when i...
  6. J

    Small Online Trading Card Business - Start Up Help

    Right im with you. I’ll make list like you say and put a rough figure to it and count that as an expense day one. I keep thinking of its a cost per card, but thats only going to be relevant if i buy a single card to sell, my example of buying a £4 pack to sell early, the expense would just be £4...
  7. J

    Small Online Trading Card Business - Start Up Help

    Yeah okay. Could i technical buy the stock off my myself so theres a transaction shown to prove the stock purchase expense? I want to use cash accounting so im just trying to figure how to get the start up stock in with a value so that like you say, i dont get taxed on it all. I still think the...
  8. J

    Small Online Trading Card Business - Start Up Help

    Would that be classed as an expense though? I can come up with a rough figure for it all based on market value, but no money will actually be paid out? I was planning on putting together a balance sheet, just for my own use to keep track of things a little better.
  9. J

    Small Online Trading Card Business - Start Up Help

    Late last year I started selling some trading cards on eBay from my personal collection. I was doing pretty well so continued to to list more and currently, I've sold around £750 worth (not taking into account any expenses). Obviously this is getting close to the £1000 threshold for income tax...
See more
Top Bottom
Community
Articles
Menu