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Where Taxpayers and Advisers Meet

Online trader questions

cryptos
Posts:1
Joined:Mon Jan 15, 2018 9:08 pm
Online trader questions

Postby cryptos » Mon Jan 15, 2018 9:23 pm

Hi

I am just filling out my self assessment tax form.

I am totally green to this, I have only been trading for a short time. the HMRC website is complicated, I would be grateful if someone can help answer some simple questions.

Which of the following needs to be calculated under which section

- PayPal fees
- Auction house listing fees
- Auction house percentage fee of sold item cut (normally they take 15% of the winnings)
- any foreign tax paid on sold item
- Currency conversion cost (most of my dealings are in dollars and I have to pay a small currency conversion fee to change to pound)
- Original item cost (the amount it cost me to buy the item originally

I would be grateful for some simple pointers as to where the above should be calculated

Many thanks in advance


RH

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RMC
Posts:435
Joined:Wed Aug 06, 2008 3:35 pm

Re: Online trader questions

Postby RMC » Sun Mar 04, 2018 10:30 am

You probably turned over less than £83k, so you could enter all business expenses as one lump sum. Hope you filed your return on time!

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Online trader questions

Postby bd6759 » Sun Mar 04, 2018 10:52 am

As RMC says, if your turnover is less than £83K, you can simply report tunover (sales), total expenses, and profit. There is no need to analyse your expenses under different headings. If you do decide to nalyse them, then it really doesnt matter where you put them, although the cost of goods bought for resale would normally go into the box headed, "cost of goods bought for reasale".

There are explanatory notes that explain all of the boxes. There are also two different forms you can use: the short simple pages, or the full more complicated pages.

If your business started before 6 April 2017, your return is late. If it started after 5 April 2017, you can't do one until after 5 April 2018.


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