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Calculating ebay sales
 

When totalling up ebay sales for tax purposes for each month, should you be goign by the raw 'sales' as the amount it sold for, or the sales amount you sold for after ebay fees were taken off?

I have always done the first method as its simple straight sales, but I have maybe overthought this due to the fact that that ebay deduct the fees upon each sale, therefore you never actually seeing part of that sales money even get to you.

Appreciate thoughts and advice in advance

Thanks

Re: Calculating ebay sales
 

for tax purposes you are only declaring profit. not total sales

Re: Calculating ebay sales
 

but sales equates to your VAT threshold which I am getting close to.

Re: Calculating ebay sales
 

VAT threshold is based on turnover, i.e. the value you sold the item at.

You must register straight away if you expect the value of everything you sell in the UK which isn’t VAT-exempt in the next 30 days alone to be over £85,000.

More info here: https://www.gov.uk/vat-registration/calculate-turnover

Speak to your accountant for further advice.

Re: Calculating ebay sales
 

you mentioned tax....not VAT.

my bad :croc: