proof of sales from carboots etc

[mammajenz]

hello im thinking of going self employed but i dont know what hmrc will need  , could any one help ? Also proof of  buying from carboots , market place etc.  Thank you

[thepillenwerfer]

The best thing is ring and ask them, if you can get through, or look at their web-site.  I started a business in 1990 and they were very helpful, but that's a long time ago.

If carboot and marketplace sellers won't give you receipts at least keep a record of what you've paid for things, when and where along with similar information for sales and keep them for at least five years.

A lot depends on the size of your business.  If you make less than £1,000 a year you don't even have to declare it.  There's a higher limit up to which you only need to submit simple accounts which are basically just totals of Takings, Expenses and Profit.  Above that is when you need to tell them where every penny has come from and gone.

[mammajenz]

thank you thats very helpful 

[insidethe93]

Usually there's no taste for accounting 🙂

But if you're going self-employed and not done it before, it's a good idea to hire an accountant early on. There are options for how much involvement (and thus how much you pay) e.g. do you want them to handle everything or you'd keep the books and they certify or they do the end-of-year?

When a sister went self-employed, she took a book-keeping course but at times felt she was spending more time on admin than on her business. Eventually she hired an accountant, gave him all receipts and paperwork, no longer had to look up HMRC things or ring them, didn't have to think about tax, said it was the most liberating thing she'd done. Sort of ditto for a brother-in-law.

[style_wise]

btw You can no longer ring HMRC like this (they took that option away a few years ago) but their website is good.

[style_wise]

If you want to keep all details in one place, with an app that imports details from your eBay UK Business Account, then there are options like Flipwise available [I am not affiliated]. One of this app's developers also buys where a receipt is unlikely/unavailable. In that situation what he does is make own receipt - notebook, app, spreadsheet - just be consistent. Like @insidethe93 says, hiring an accountant can save small traders more money than it costs them! And like @thepillenwerfer says, the HMRC website is very helpful.

[mammajenz]

thank you

[mammajenz]

Thank you