Filing First Ever Tax Return

[craftylittlecat]

Hi All
I am a registered sole trader on eBay, I started at the end of September 2024.
I had my letter arrive today telling me I need to file my tax return before the end of October this year for sales between April 2024 and April 2025.

Can I ask, do I add up my takings before postage, wage etc is taken out or do I just total up what I have actually made after all the deductions.
Sorry if these are stupid questions, I just want to get it right.

[therenewalworkshopltd · Accepted solution]

Seriously, speak to an accountant!  🙂

If your having to ask those questions, you will probably get something wrong.

However, your takings is everything that you have received.  So that includes the total price paid including the postage paid (if charged) by the customer.

You then basically add up all of your deductions and they go on the tax return.  Total turnover, less total costs gives you your profit/loss.  Which depending on any other income etc will be what you pay tax on.

At a minimum, google how to fill in  your return.  There is a lot of advice out there, but I would suggest that you stick to HMRC.  But I strongly advise that you talk to an accountant.  First hour is usually free and they will generally save you more than they cost you.

[craftylittlecat]

Thank you so much x

[padanpcparts]

An accountant will likely save you more money than they cost in honesty. Many of the high street companies do a free consult as well, so will give you an hours advice for nothing. I have a Maths degree from a top Unikversity so very capable with numbers but still would not dream of not having a professional accountant look over my books and submitting them for me.