Recent content by Shuggydiamonds

  1. Shuggydiamonds

    Small sole trader - second hand goods - vat

    Thanks Paul, I appreciate you taking the time to offer your advice. It’s a hard bullet to swallow (accountancy fees) if ones income is irregular, but clarification on vat at an early stage will benefit me going forwards for sure.
  2. Shuggydiamonds

    Small sole trader - second hand goods - vat

    Well I read what’s available..and it’s clear as mud. your short answer is perhaps wrong actually.
  3. Shuggydiamonds

    Small sole trader - second hand goods - vat

    Auctioneers margin scheme I have looked into. I claim back the 20% vat on my purchases and then I pay vat on my profit margin per item. apparently this scenario (if true) means I am massively overpaying on vat at present
  4. Shuggydiamonds

    Small sole trader - second hand goods - vat

    Hi Paulears, do people tend to go for large accountancy firms or local accountants? I won’t be generating huge income for a while yet. thanks Shug
  5. Shuggydiamonds

    Small sole trader - second hand goods - vat

    Ok. I will bite the bullet and speak to an accountant! I don’t think I’ll be near 77k for a couple years yet at least so hopefully I can obtain the advice I need to enable me to operate without an ongoing accountancy fee for now.
  6. Shuggydiamonds

    Small sole trader - second hand goods - vat

    Hi Nico, I’ve not got an accountant. business gateway are not really up on this area either. I have done some research and hit a dead end.
  7. Shuggydiamonds

    Hello from Shuggies Cave

    Hello everyone small, new sole trader in vintage/antiques from Scotland. Got a wee eBay shop and trying to learn some vat best practice and accounting tips etc!
  8. Shuggydiamonds

    Small sole trader - second hand goods - vat

    My stock is mainly purchased from uk auction houses which I’m paying a lot of VAT on. reselling through eBay to uk,eu, worldwide I’m below 77k for vat but would like to register to benefit (hopefully) by paying circa 20% less for every purchase I make. Thousands of £ a year potentially...
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