E
e.eastham
Guest
I am intending on starting a small ebay business but i am finding it difficult to get my head around all of the tax, VAT, NI issues and so i am looking for someone who can just answer these questions simply for me!
I do not know yet how much i will earn as i'm not sure how successful it will be so do i still register self employed straight away or do i wait and see whether i get to the £6,475 limit and then register? Does this also apply to NI contributions?
If and when i do register what can i claim for as expenses, i shall only be using my laptop, printer and buying parcels to post products.
I intend on keeping an excel spreadsheet of my business ingoings and outgoings but what shall i include on it? say i initially go to the wholesalers and spend £100, but then end up selling those products for £300 what do i take off for expenses, VAT, NI, etc etc. Is it best to keep 20% of each item that i sell in a bank account in order to have the correct amount of tax to pay at the end of the year? is that a good way to go about things?
I would really appreciate any help or advice as i don't want to mess this up and i do not want to start anything uuntil i am sure of every aspect of this.
I do not know yet how much i will earn as i'm not sure how successful it will be so do i still register self employed straight away or do i wait and see whether i get to the £6,475 limit and then register? Does this also apply to NI contributions?
If and when i do register what can i claim for as expenses, i shall only be using my laptop, printer and buying parcels to post products.
I intend on keeping an excel spreadsheet of my business ingoings and outgoings but what shall i include on it? say i initially go to the wholesalers and spend £100, but then end up selling those products for £300 what do i take off for expenses, VAT, NI, etc etc. Is it best to keep 20% of each item that i sell in a bank account in order to have the correct amount of tax to pay at the end of the year? is that a good way to go about things?
I would really appreciate any help or advice as i don't want to mess this up and i do not want to start anything uuntil i am sure of every aspect of this.