Plain-English record keeping and UK tax information for online sellers. Browse 10 free resources.
The UK trading allowance can cover up to £1,000 of qualifying gross trading income, but it is not the same as a £1,000 profit allowance.
Selling your own unwanted possessions is different from buying or making goods to sell for profit; tax depends on what you are actually doing.
Tax depends on whether your activity amounts to trading or another taxable activity, not simply on using eBay.
Platforms may report seller information under digital-platform rules, but a report does not automatically mean you owe tax.
If you trade above the relevant limits, you may need to register and report self-employed income and expenses.
Common business costs can include stock, certain postage, packaging, marketplace fees, software and other costs incurred for the trade, subject to HMRC rules.
Cash basis generally records income when received and expenses when paid, and is often simpler for small sole traders.
The UK VAT registration threshold is £90,000 of taxable turnover, with specific rules on when registration is required.
Keep enough detail to show sales, stock purchases, expenses, refunds and the basis of your tax figures.
A clean year end starts with reconciled sales, expenses and stock records rather than a last-minute search through bank statements.
MyCost keeps your stock, sales, costs and profit together.
