Do any of you sell on ebay and keep records, pay tax etc?

[charliecat]

Cant seem to get my head round the accounting side of it at all....its ok selling but jeeesus keeping records...
How do you incorporate the charge of bubble wrap etc into it?

yay good luck!!

I'm keeping an eye on this thread because I'm struggling abit too.

Remember to keep all your receipts, post office, petrol, stationary shop etc

Do you have a separate bank account for all this? I believe they can ask for bank account statements and it would be easier if you had a separate one.
I already had a separate one which is lucky because a business accounts costs a fortune. My bank have said it's ok to use this account until some miserable bankerperson gets grumpy and says I need a business one

By chance I accidently opened a second one with nationwide that has had nothing at all through it
But im a bit worried about adding it to paypal as last month I had a near miss with overdrawn charges as paypal took ebay fees from my bank, not my credit card as it usual does, and it was only by chance that there was enough money to cover them.
If I add this new bank acocunt I worry it will take ebay fees from there when im not expecting it too and aarrrrrrrgggghh nightmare!

It will make life simpler though to have all transactions in one place. How about asking the bank for an overdraft on the account - and don't use but it's there to catch any problems?

Might do that Ive added it just a minute ago but havent put it as primary. Might stick some money in it and then it wouldnt matter would it.
Not keen on overdrafts, debt free wannabe lol

If you are putting your own money in (rather than paypal transfers from ebay sales) remember to make a note of it as petty cash (or something) petty cash fits somewhere in the tax equation

Oh..its me again. So, at the end of the year I have a few dribs and drabs sitting that havent sold....
What do i do? Dig out what they cost me and add it back on, cost its came off as an expense somewhere?