UK tax issues

[Dramz]

I’ve recently got to a level where I will have to register as a sole trader and pay taxes on my eBay sales.
My issue is that the items I sell on eBay I cannot provide receipts for to hmrc if I were to get tax audited at any point due to the nature of the items. This leads to huge issues as my profit is so high the chances of being audited are fairly likely due to irregular profits for the type of business. (Electronics and clothing)

Does anyone have any experience with something similar or are very savvy with UK tax?

Regards.

[JamesNorth101]

Due to the nature of the items? You should be able to get recpts for most items unless they are from the back of Dave's van or a china special really.

[james_112233]

Originally Posted by Dramz

I’ve recently got to a level where I will have to register as a sole trader and pay taxes on my eBay sales.
My issue is that the items I sell on eBay I cannot provide receipts for to hmrc if I were to get tax audited at any point due to the nature of the items. This leads to huge issues as my profit is so high the chances of being audited are fairly likely due to irregular profits for the type of business. (Electronics and clothing)

Does anyone have any experience with something similar or are very savvy with UK tax?

Regards.

Where are you sourcing all of your electronics and clothing that you don't have a single receipt ?

[Dramz]

Originally Posted by JamesNorth101

Due to the nature of the items? You should be able to get recpts for most items unless they are from the back of Dave's van or a china special really.

They are a china special.

[Dramz]

Originally Posted by james_112233

Where are you sourcing all of your electronics and clothing that you don't have a single receipt ?

I have receipts but the items are from China and I cannot provide the receipts I am given to hmrc

[JamesNorth101]

So you want to sell china specials and pay taxes.... that is a new one to me.

[Dramz]

Originally Posted by JamesNorth101

So you want to sell china specials and pay taxes.... that is a new one to me.

The issue is I’m bringing in large amounts and therefore will have to pay taxes or be caught out by hmrc for tax evasion

[JamesNorth101]

If your selling China special I think you have a few other things to worry about really.

[Dramz]

Originally Posted by JamesNorth101

If your selling China special I think you have a few other things to worry about really.

I have that side of things covered the only issue I have as of right now is not being able to pay taxes on the items.

[james_112233]

Sorry i'm confused.

Even if you buy questionable items from china. You are obviously paying for it electronically so evidence of that transaction is technically your receipt.

HMRC don't give a **** about the item you are buying and whether it's a knock off. The venue you sell them on will care about that and if they're allowing you to sell it then that's their problem. HMRC just want to tax you on your profits.

You need to approach an accountant and take advice on a forum like this with a pinch of salt. A good accountant will get everything in order and tell you how to keep records etc and set you up. Do it now before you get in to it neck deep.

A lot of businesses have been flourishing over the last few months trading online.

[Dramz]

Originally Posted by james_112233

Sorry i'm confused.

Even if you buy questionable items from china. You are obviously paying for it electronically so evidence of that transaction is technically your receipt.

HMRC don't give a **** about the item you are buying and whether it's a knock off. The venue you sell them on will care about that and if they're allowing you to sell it then that's their problem. HMRC just want to tax you on your profits.

You need to approach an accountant and take advice on a forum like this with a pinch of salt. A good accountant will get everything in order and tell you how to keep records etc and set you up. Do it now before you get in to it neck deep.

A lot of businesses have been flourishing over the last few months trading online.

Your advice is really appreciated thanks. I’m getting in contact with a close friends accountant next week.