Should You Avoid The £85,000 VAT Bracket As A Reseller?
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- Опубліковано 2 жов 2024
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Great video mate ,I always look forward to yours and master of pieces videos keep up the great work ,I learn loads off you mate 😉
Thank you mate, love to hear that I’m glad! 🤘🏼🙏
that sticker slap on the parcel did me haha. editting goals
😅👌🏼
HOW QUICK WAS THIS COMMENT THEN? AND AT THIS TIME IN THE MORNING. I JUST GOT A DING DING DING AND IT LED ME HERE HAHA
Absolutely rapid 😁
Do you have the ability to purchase the items outright instead of going halves with the supplier. I personally don't like the idea of sharing my profits. I have gone over the VAT threshold so im well into the world of bills to HMRC. I'm sure you will smash 2024 !!! good luck.
take a month off and go on holiday
Great news about Evri this month. Like getting a £250 pay raise. 😊😊😊 Thanks Evri I am not doing Royal Mail anymore. Sorry Royal Mail.
Hello rick
A would use back wall as storage right to the roof have packing\photo area at the door imagine how much crap u could get at back/corners all way up to door lol
Hello rick
Oh, what a surprise 😮
Been thinking about this hard today. Getting a unit - Wether to niech down. Different souring methods. Selling on other platforms other than eBay. I'm doing okay but it's not enough so the missus can give up work yet. Been doing bottom feeding really buying bulk 50 plus items the same for between £1 and £4 all new stuff and sell for between £10 £15 make about £5 an item after fees and postage. Sell 300 - 500 items a month. Very little returns because low value but bit like having a job which I was trying to avoid. Plus no storage for stuff. Need ideas.
Increase your ROI!
Hello rick
Hello Ada
Hello mate, Just out of curiosity - What do you think you earn a year profit before tax? Is it a decent job to persue?
It varies mate. In this job, I try to pay myself as minimal as possible. so I’ll make sure that all of my bills are paid and then if I ever need anything, I’ll pay myself a little bit extra
It’s always worth pursuing if you want to put the work. People seems to think this is an easy ride and then they get a sharp shock to the system. 😀
i need a vanilla slice now lol....x
Is tax on income or profit?
Profit.
always a great vid mate. cheers. have a great weekend
Cheers mate, appreciate you you too 🤘🏼
Great vid Ricky! I'm glad I'm not the only one baffled by how to eat a vanilla slice. I end up cutting it in half lengthways through the vanilla bit. #stickyfingers
Vanilla slice… Is that what they’re called?! Seems like a very lovely name for such a devilish snack!
turn it sideways and bite through the custard and not the slice, I googled it once because I was sick of the custard mess 😂@@RickyResells edit, I wrote that before watching the video, it's exactly how you ate it
😅😅
So the people selling you the stock are having half the profit?
They don’t sell me the stock.
They hand it over to me, and then I do the work. And then pay them after
Pretty standard consignment work
So if there's unlimited stock could you set up another ebay account for a commission only based part time salesperson on a 3 way split?
@@swiftythrifter6387 yes 100%, but that is not an aim for my business model at the moment nowhere near that.
🍺👍🏻
Good to see you doing well mate , yeah smash through the 84K and dont even worry about it , just part of the game.
Absolutely, hope you’re well. Dude, it’s been awhile
You can bring your turnover down by excluding postage costs use revenue after costs as sale price and you don't need to include eBay fees either. Use the funds from sales as sale price. My postage is about a quarter so it helps keep you below VAT threshold.
Using all that bubble wrap ain't helping either 😅
Unfortunately, VAT is calculated on all income. Regardless whether it’s for postage or whatever. So as far as I’m aware that wouldn’t work. 🤷🏻♂️
@@RickyResells Along as you pay for it in app. Don't use a card or PayPal it's fine common practice. Your income is what you get paid from eBay daily pay out. That's how I do it anyway. Makes sense because that is taken off before you get your money so it isn't strictly income. It's a loophole.
As mentioned mate, I am no tax expert, but I’m pretty sure that that’s not the way it works loop hole or not. And unfortunately I think if you was to ever have an issue, you would probably be in for a nasty surprise when it comes to that
But I could be wrong, of course
That's not how it works, I would speak to a tax advisor. Not understanding tax rules is not an excuse and you could face a hefty fine.