Hello all,
I'm currently doing my return for last tax year. I only started as a small eBay business in February (the rest of the year was on furlough!) so there isn't much to sort. But I'm really just trying to get my head round the account side of things, especially as this years tax return will be alot bigger! So I want to be as organised as I can.
First question..
When I purchase an item for the purpose of resale - do I count this as an expense? Or is it only tax deductable when it sells? (As a cost of sale?)
Thank you in advance!
