Claiming eBay fees as business expense?

[London red]

I have a question. I have multiple eBay accounts. Eventually the money ends up in my main business paypal account. eBay fees are a business expense. I would like to be able to offset these fees against income when i do my company accounts. Ideally i'd like to be able to do it using my company bank card using one time payment method but as a sole trader this would link my accounts back to me right? Anyone know any other way round? Thanks in advance

[Steveo036940]

Using the same company bank card on all accounts will link you. Fees are a business expense, both Ebay and PayPal fees. Simply print out your monthly Ebay invoices and put these with your other invoices (shipping, materials, inventory, etc) for your tax write offs.

[Play]

Best to speak to an accountant, so you get an accurate answer.

[Pandoras_box]

You must be making a load of money or seeking some serious tax savings to warrant a limited liability company in the first place.
Yes, your eBay, PayPal and 47 other expenses/fees should be deducted from your tax.
Because your question is quite basic, I suppose you do not have an account yet. You can find one on people per hour. Your accountant should help you ensure you comply with the new tax digital requirements.
Good luck.

[Play]

Originally Posted by Pandoras_box

You must be making a load of money or seeking some serious tax savings to warrant a limited liability company in the first place.

Anyone can open a LTD company. There isn't a minimum earning threshold. Has its pros/cons vs sole trader.

[London red]

Originally Posted by Steveo036940

Using the same company bank card on all accounts will link you. Fees are a business expense, both Ebay and PayPal fees. Simply print out your monthly Ebay invoices and put these with your other invoices (shipping, materials, inventory, etc) for your tax write offs.

Even with the other invoices being in different names/addresses? Wouldn't this create problems?

[rsot]

Welcome to the forum - all the best as you master stealth

For best financial advice, speak to a financial professional.

[yellowprintdirect]

Originally Posted by London red

Even with the other invoices being in different names/addresses? Wouldn't this create problems?

If you’re ever investigated. Which is a needle in a haystack

[Pandoras_box]

Originally Posted by Play

Anyone can open a LTD company. There isn't a minimum earning threshold. Has its pros/cons vs sole trader.

That's true. I was referring to the pros and cons of going LTD. It is an accounting nightmare, especially when compared to sole trader. An accountant will set him back £600 or more p/a for a limited company. It is commonplace to leave things as is until the vat threshold is reached before going LTD. Any fees due to your accountant will be offset by the many, many ££ he/she will save you by way of 'expenses'