MY BIGGEST STOCK PURCHASE OF THE YEAR!
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- Опубліковано 26 вер 2024
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Unit 5 Channings Traders
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Great to have the uploads back, happy new year to you both. For the tax video, it would be great if you could go through what exactly to account for. To name a few: income from ebay (do you split this into fees etc or just have £x amount inflow from ebay), do you expense for petrol etc, how to account for cash spent at carboots, can you expense storage units. That sort of thing would be really helpful to break down. Thank you!
A couple of questions for the tax chat - when contacting hmrc to advise that I'll be self empoloyed, should I change my eBay account to a business account too?What does that mean for me? Are there fees and what pros & cons are there to doing that? Plus, what sort of financial information do I need to be keeping on my purchases/sales? Clueless as I've only just started looking into reselling as a job, and I want to make sure im doing everything right! This would be my only income. Thanks in advance, looking forward to the vid! x
Hi I’d keep your account as a personal account for as long as possible. You get better deals from eBay on a personal account. For example 80% off fee discounts weekends, the fees are less on a personal. For example. On my personal account va my business account the FVF business is 11.9% plus 30p + VAT on my personal it’s 10.6% plus 25p plus VAT. Same category. You also don’t have to offer returns on a personal account. Business account you do. When I’ve asked eBay about this before they just told me to sell on a personal account 🤷🏻♀️ it doesn’t matter to HMRC as long as you’re declaring your income
Love you two happy new year and looking forward to getting your videos again 💗 wow great pick ups
♥️
Tax related question:
What’s the best way to do book keeping for reselling ?
One question for the accountant, as most of my stock is bought in cash if asked by hmrc how do we prove how much we paid for the stock.
Thanks
I found some brand new Goliath boots, boxed with tags for £10 a pair in my local charity shop yesterday. Have you sold these before & how much? Thanks
Never seen a football shirt in a plastic bag other then when I order from DHGate lol
Stella is a fantastic series. Worth a watch.
Happy New Year to you both, I have been selling my own stuff on ebay I think this year is the time to start my own business buying to sell from car boots and charity shops, would it be better to go Ltd., or sole trader please and how do you prove what you paid at car boot sales?
Tax question. I have an attic full of stuff. Some of it has been up there for 22 years. It's family belongings, toys, clothes and bric a brack. Can I sell it all without informing the tax man? Most of it was bought new, so I doubt any profit will be made. Is there a limit? I heard there's a £1,000 limit, but is that just for people who are buying and selling? I want to move house in a couple of years but it would be impossible with all the stuff in the loft.
As long you are not 'trading', i.e. buying bulk goods with the intention of making a profit you can sell it regardless of the 1k limit.
@@mtjyoung Thank you, that's very helpful.
Are you looking forward to getting back to the carbootsales! Feels like ages since i seen one
How do you get so many daily sales Jon? Do you promote your store? I’ve tried every promotion going, I’d “like to think” I’ve got some good items for sale yet I really struggle to get the traffic, and when I do it seems it’s late at night for one or two items max, I guess UA-cam helps you? The dream is to have steady sales throughout the day :) Like your last, I’d take even 5 a day consistently lol
Like your store* that’s meant to say at the end :)
Consistent listing ! Daily, good stock and good pricing. Good photos titles etc
I agree with the daily listings, yday I forgot to list until 8, uploaded 4 by 10pm and had 2 sales although small together just after 10. The titles and pictures I think are good, the items “I think are good” :) I struggle with recommended item specifics though, it always says I miss them even if I scan a barcode and it uploads the info itself. Ebay’s a tough old game :) Cheers for the reply though, it’s because of yourself and master of pieces channel I got into giving it ago. Oh and I recently converted to a business account as ebay said my personal account was doing well and when I switched I’d be a top rated seller, so I thought that might help, I switched, now they said wait until the 20th of January lol ,, I’m “hoping” that somehow helps with the traffic / sales
@@Aza35617 stick at it mate takes time
@@JonLuc Cheers Jon 👍🏽 Keep up the good work also your smashing it and well deserved 👍🏽
Some great sales guys! That plush at just over £80 is crazy!
I was going to stop sourcing plush as I never found it sells well but might have to continue with it now 😆
Deffo worth grabbing some!
Tax Question - Best way to log cash transactions on your books
Smashing it bro! What lights do you use for product photos? GG
i thought that was a simpsons jigsaw. was gna snap it up off ya store!! big up 2024. iv had a few set backs tbh. but. i built a great foundation so .sall good.
Luv your vids,
On a tax purpose, do you have to summit any receipts as i didnt keep mine as i didnt think it would take of as much as it has.
Can i just summit what profit i think i have made and pay tax on that. How do they kn9w if you are telling the truth or do they trust what i summit with out proof of purchase, same goes for posting costs I have started to keep speadsheets but only from July 2023.
I’m putting off scaling the business above £85K because of the VAT I buy 99% of my stock cash at boots sales etc so no VAT to claim back. Any advise would be great or am I better just saying below threshold. Bonus question Also am I better being self employed or limited while being VAT registered. Many thanks Dylan
Not sure if its the same in the UK but in Ireland your better to start an LTD, lower tax bracket then self employed and if it goes belly up, then the company flops, not you.
There are different VAT schemes. For example the Flat Rate scheme is simply a percentage of your turnover, depending on which category its something like 7.5%. You can't claim VAT back on anything but you only need to pay 7.5%.
I worked it out and had to have a turnover of around £100k to start to notice the extra money, but then you dont need to worry until you hit £250k.
The numbers may be slightly off and if you are going VAT speak to an accountant and also go Ltd. A good accountant will save you loads of money!
tax questions: What is the best way to evidence car boot expenses?
I wouldn't, cash is king.
Happy new year guys how did you ever fit all the stock in the garage 😂
We say this all of the time hahah
Question for Aaron on tax- If a husband and wife both resell with separate eBay accounts do they both get to sell up to £1000 each before tax (ie £2000) or is it based on they both live in the same household so £1000 between them?
Cracking video as always JonLuc
Following - I had the same question!
Yes you both can make £1000 each as you both have your own personal allowance :)
@AlexxDoesEverything what if youre married?
@@Church_Of_Kloppism It doesn’t matter if you’re married or not, only if you claim the marriage tax allowance then it would be either you or your partner will have more allowance and the other will have less :)
@@AlexResells legend thank you very much
Why can't ebay take the Tax off & send it to the Government?
Because eBay are not your employer so you are responsible for your own tax returns
Hi Jon, just wanted to know if you are willing to sell all the Homebase bits and bobs to me. If I don't ask, I don't get innit? LOL...Is there a deal to be had? Hola back bro. Great video
May well be? Give me a message!
Great video
Thanks!
Any size 11/12 ksi?
Sadly not! Sorry
What’s Stacey’s business on UA-cam carnt find him now thanks, plus we need more videos, Tom tats says u have a live on Wednesdays what time does it start thanks