Advice please for new business seller
Hello, for years I sold mainly DVDs and then in May 2021 Amazon said as i sold some new items i needed to register as a sole trader which i have now done. I need some advise please my plan is to sell both my personal collection and go back to buying and selling other items for profit. I have literally 1000s on dvds in my personal collection to sell some are open some are sealed but these are years old and no proof of purchase exists, some are also worth more than they were when released. My query is though how do i say to HMRC which are personal to sell? I also plan to start the trading side too and will keep all receipts and log the costs like how much i paid, how much it sold for minus fees and postage etc. i did try and call HMRC once a few months ago but still waiting for a callback from a specialist in this area. Also please can i ask if it is worth sending all the personal collection to the FBA warehouse as this is something i was just reading about. Thanks for any advice.
Advice please for new business seller
Hello, for years I sold mainly DVDs and then in May 2021 Amazon said as i sold some new items i needed to register as a sole trader which i have now done. I need some advise please my plan is to sell both my personal collection and go back to buying and selling other items for profit. I have literally 1000s on dvds in my personal collection to sell some are open some are sealed but these are years old and no proof of purchase exists, some are also worth more than they were when released. My query is though how do i say to HMRC which are personal to sell? I also plan to start the trading side too and will keep all receipts and log the costs like how much i paid, how much it sold for minus fees and postage etc. i did try and call HMRC once a few months ago but still waiting for a callback from a specialist in this area. Also please can i ask if it is worth sending all the personal collection to the FBA warehouse as this is something i was just reading about. Thanks for any advice.
0 replies
Seller_7VbclcPFFRTnc
You’re probably best speaking with an accountant but my advice to keep it easy would be to sell off your own used ones elsewhere ie ebay
Seller_DROodOAYHftnc
As you have already registered with HMRC as sole-trader, then you can still sell your own personal items - you do not need to account for them differently, I don’t think.
I sell used books - mostly bought with the intention to sell on, but I do sell many of my own too.
I started selling here a long time ago (17yrs), but I remember that I assessed the rough value of my own items and that was classed as capital start-up expense (or something like that, I think ?!)
To be honest,for DVDs I would not send to FBA as if they don’t sell quickly you could end up with long-term storage fees, and you would really need to work out how much the FBA fees would be to send to them and for them to store and send out.
Yes, you will need to keep accounts, but all the sold prices, fees etc will be in your transaction reports.
As above reply, you can sell for what you think they are worth.
If they are genuinely ‘collectible’ then you may need to list as such, otherwise you could get the listings deactivated for potential high pricing, if Amazon think you have priced too highly.
Seller_quAIk9QrgCzEQ
Also do HMRC like me to have a business bank account or can i just keep a spreadsheet with all the costs as i dont think i will make enough to run as a proper business as i work full time in a normal job? Thanks
