Recent content by sjohnb

  1. S

    I bought a new phone. Traded-in an old phone. Sold the new phone. Cashback taxable?

    Yes. My partner works and I mostly look after the children with a bit of ebaying on the side.
  2. S

    I bought a new phone. Traded-in an old phone. Sold the new phone. Cashback taxable?

    Hello, I am a very small sole-trader making £3k or £4k a year selling on e-bay. I am trying to work out my income for this year, but have a few sticking points. Could anybody advise please? I bought a couple of new phones and then sold them. As part of the deal when buying these phones it...
  3. S

    Last minute query over value of stock sold for 20/21. Advice please.

    Thanks for the suggestion, but as much of my stock was bought before the 20/21 tax year it made more sense to do it the conventional way. Also much of my stock won't be sold for a year or two as they are collectible, and I'd have to work with carrying over a loss etc. And, I'd never work out...
  4. S

    Last minute query over value of stock sold for 20/21. Advice please.

    I have been buying and selling various bits and bobs for several years but for 20/21 I broke the £1000 threshold for the first time, so I am (at the last minute) about to submit my SA100 using gosimpletax. It should all be quite simple as turner over was about £6k and Net profit under £3k. I...
  5. S

    Is it £8000 loss or £16000 proft? I am in a mess, please advise.

    Nope, well a little on savings, but nothing worth mentioning. I stay at home and look after the children with a little bit of e-bay tinkling. I do contribute to a pension so that would be deductable, and it is really what I want to use my e-bay profits for.
  6. S

    Is it £8000 loss or £16000 proft? I am in a mess, please advise.

    A fair assumption, but I have decided to drip the stock back on to e-bay, not making more than £5k profit a year. I will always be below the tax threshold. I will buy very little extra stock and that will be that. There are not really many personal sales, but if there obviously are I will just...
  7. S

    Is it £8000 loss or £16000 proft? I am in a mess, please advise.

    I had more than one of them and they remained sealed so I would probably struggle to claim they were my own possessions. I understand an accountant would offer advice and make useful suggestions, but when my profit is about £2500, paying for an accountant is a large proportion. Also I don't...
  8. S

    Is it £8000 loss or £16000 proft? I am in a mess, please advise.

    I see, thank you. So if I bought a blu-ray for £40 10 years ago, before I set up a business, and I have an e-mail confirming this, (or even not). I can just go with the original retail price as my cost?
  9. S

    Is it £8000 loss or £16000 proft? I am in a mess, please advise.

    Thanks for the reply. So basically: Income - cost of good sold - expenses = Profit This is simpler in my case as I only sold about 70 items. Also, is there any date limit on when opening stock was purchased? If I bought a set of blu-rays 10 years ago, can I still take the cost then, off the...
  10. S

    Is it £8000 loss or £16000 proft? I am in a mess, please advise.

    From redundancy pay and savings. The value is purchase value, which at the time was retail value. Generally I buy a small number of many limited editions to sell once the value has gone up. I also flip a few things bought in ridiculously cheap sales.
  11. S

    Is it £8000 loss or £16000 proft? I am in a mess, please advise.

    Hello, Could anybody please give me some advice, clarify my position, or anything to settle my mind. Thank you. For several years I have sold bits and pieces on e-bay but nothing to take me over £1k per year. I have bought limited edition films, and coins and that sort of thing, selling them...
See more
Top Bottom
Community
Articles
Menu