annual returns/account preperations
Hello everyone.
Newby here; how do I go about preparing my tax/early returns please.
I believe I have a tax liability. Any help will be very much appreciated.
Many thanks
4 comments
Hello everyone.
Newby here; how do I go about preparing my tax/early returns please.
I believe I have a tax liability. Any help will be very much appreciated.
Many thanks
kibble-net
·7 months agoHire an accountant in your area. Full stop.
This is very important - I wouldn't trust your business's financial records with forum comments, it's just too risky.
caldreamer
·7 months agoEBAY has "easy to read" 1-page report that shows YTD totals for (orders, refunds, EBAY fees, shipping expense). Go to PAYMENTS, REPORTS (select LAST YEAR and 2025).
I realize you are in the UK but this may be helpful for you. Here is USA we are required to report "gross income" to the government and then deduct "business expenses". UK may have a different way of doing, of that I am not sure.
ORDERS
-EBAY fees
-Shipping expense
-Refunds
-Misc. expense (cost of goods, mileage, packing supplies, office supplies)
NET TAXABLE INCOME
dhbookds
·7 months ago@amigo444444 You are in the UK.........this board is mainly US Sellers and we aren't going to be able to help with UK taxes. Suggest you post on the UK board........
https://community.ebay.co.uk/t5/Discussion/ct-p/13
jrkirk
·7 months agoWe keep records of, 1) purchases of items for resale, with details, 2) expenses related to those purchases, and 3) each transaction/sale as it happens with the cost of purchase in the details. We use excel spreadsheets for these records, so totaling up those items is relatively easy. Others use different methods, but keeping records is important when tax time comes around. Hope this helps.