Paypal fees

[jardy]

Hi there
Please could any tell me how to find Paypal fees for the purposes of tax return?
I have googled,gone into support groups etc but I keep finding ebay fees NOT Paypal fees
Just a quick reply,I would be very grateful

Are you a private seller ? If you are just selling bits and bobs you don't have to declare, if you are running a business you do, but should be registered as a business seller.

Well I am a business seller on a VERY small scale.I have been visiting my favourite Charity shop and buying items on their £1 rail,then selling them on .Mostly actually losing money! However I enjoy it,it brings me pleasure and occasionally I make a few quid (rarely though) ,therefore I am buying stuff to sell on and so to stay within the law I have registered as a Business seller and also with HMRC .I am now trying to fill in a tax form.It feels very complicated!

You will find the exact for each transaction if you log into your paypal account.

Exact fee*

Thank you.I have tried but it seems to be the same as ebay fees so I thought I must be doing it wrong.I'll keep trying x

As an example,I've looked at my Paypal account now.The transactions are all there and it says for items I sell for 99p ( postage £2:90) FEE =33p.
Isn't this the ebay fee?

That's the paypal fee.

Ebay fees are separate, log into your account and you should be able to download all the fees charged. They also email them to you.

Thanks,that's kind.I'll have a look .

I think I understand now,thank you.However when I look on my Paypal transactions I am billed for Pre approved payment-in this case £44. This has been confusing me.I thought it was for something I purchased but on examining the detail it looks like it is paying for return shipping and there is a Bulgaria address.Does this sounds like a scam to you?

Anyone help me with what the Pre approved payment means? Perhaps there is a perfectly simple legit explanation.I can see the monthly ebay fees,I can see the paypal fee,are these regular amounts debited from my account separate? If so I assume I add this in when returning the tax form.

You need to print off a monthly report and it has a break down for all the fees you have paid for the month. You’re looking for the “monthly financial summary” link.

If you don’t recognise a pre approved payment then give PayPal a call, they are very helpful and will advise you if you want to block / dispute it.

Thanks very much for going to the trouble of replying and for trying to help.

20p per transaction + 3.4% of total transaction.

Thanks to all your kind people who have replied.I am dreading filling in the tax return but want to stick to the law.I've only just started been a 'hobby'ebayer,most stuff I don't actually make any money on but it's rewarding and helping my local charity shop.Any tips if any of you do fill in a tax return such as short cuts or anything that really works well for you.I really appreciate it.

A self assessment is easy. As long as your turnover is under 82k ish (VAT limit) all you need is two figures, your total turnover and your total outgoings (costs), no need to go into details.

I must have been doing it all wrong b/c I found self-assessment a huge hassle & lots of things I didn't understand and probably filled out wrong.

Easier than American tax forms, that's true.

If you fill it out online it’s very simple. All you need is the two figures I mentioned, along with details of any other income you have received for the same tax year.

I only ever did online. Wasn't simple. Long form that took a while, and asked things I didn't understand. I had £9 of foreign earned interest to declare, income from UK savings accounts, which didn't help.

DH is techie & loves paperless society. He earns far under 82k, has to do SA including estimated tax instalments. He did SA form & submitted it... Then we talked thru rules of thumb & he realised the tax estimate was very wrong. Had to go back & find the wrong boxes he'd ticked.

Anyway, if I were OP, I'd use the 20p+3.4% to double check.

Strange...... I’ve been doing it online for years and never had any problems at all!

I do exactly this as my business sells on eBay. We get thousands of orders a month but I can usually get the accounting done in less than an hour with some shortcuts.

If you have an eBay Business account you can download your sales history to a spreadsheet automatically each month with file management centre. Otherwise you'll have to type each item separately.

You can make a new column to work out PayPal fees, you need a formula like =((E2/100)*3.4)+0.2 then just add the whole column up. You can also download this from PayPal per month as others have suggested.

The quickest way to work out eBay fees is just to look at your monthly eBay invoice as it will include all types of fees in one place and is all added up for you.

Remember to make deductions for PayPal, eBay fees, postage, packaging, stock and petrol (if relevant). The resulting figure is your profit for the year.

FWIW if you'd like to grow this and have an eye for what sells I used to make a fair few quid going to Car boots to buy things to sell on :)

I'm sat here nearly in tears.I've spent hours and hours trying to find the form to fill in on-line.I've registered for Gateway online.It asks for an access code from the app on my iPad.However I can't go backwards,as everything disappears.I've got most of the other financial details ready.Any tips? I thought I would ring HMRC on Monday ( but believe you are kept hanging on for hours).All this because I've made a few quid buying stuff from a Charity Shop and I am trying to be honest!

Is it because I have to wait for a code through the post?

Yes the access code comes in the post.