paying tax on ebay

[arshavin]

How do i go about calculating tax etc?

Do i simply just keep receipts for the stock i bought and then keep bank statements to my bank account from paypal?

Sorry for such a noob question haha

[GreenBean]

Part of what you do, yes.

You need tax advice from a professional if you can not work out the basics.

[arshavin]

can someone just tell me the basics please? save me money going to see a professional.

[seanws30]

no one can legally give you tax advice on here. hire someone

[KingRay]

We cant help you on how or what to do tax wise since everyones business is different. We have no idea of what you own asset wise or what you have stock wise to make it more beneficial to do one thing or another. someone that knows all that will be able to help you.

The basics though are, Keep all receipts, report all sales(GROSS SALES) then when they ask for deductions input your product costs, etc. The remaining is what you owe tax on.

Now that is the simple version. To help you with the correct deductions and whether to do a depreciation of your stock, etc etc, you need a professional. That or dont sell on ebay.

[GreenBean]

Here:

CONSULT A PROFESSIONAL

sounds basic to me