HOW TO PAY YOUR SIDE HUSTLE TAX !!

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[@eddiehewitt5529]

AWESOME AWESOME AWESOME content - thank you so much the pair of you! Thanks Jon for setting it up and hosting, and thank you so much to Aaron for his knowledge - such a calm teaching style as well - you have a new subscriber 'QuickBooks Chap'!!!

[@iamthatiam5160]

theres no new law

[@sycamoreemporium]

I hate the tax side. It blows my mind but got to be done

[@mattpeacock1435]

Simply the only thing that has changed is ebay are forced to grass you up now. The law is the same as its always been.

[@RossDoch]

Thank you, great video

[@crimsonpandao_6530]

A massive thanks to you guys, answered a whole load of questions for me.

[@agathauthomas2972]

Thanks so much, Jon and Aaron for this brilliant session. Very useful info!

[@malcolmsmith8570]

Thanks for the great content, been waiting for something like this for a while, really helped ❤

[@Gaming_Garmz]

Great video can home improvements such as loft boarding for extra storage be a tax expense if not all potentially a percentage?

[@The_Pixel_Pioneer]

Would be great to cover in more details the types of expenses online sellers can claim for to limit tax liability.

[@lifeaslewis9597]

quickbooks chap was soooooo easy to understand

[@seandawg7153]

great video one of the simplest explanations ive watched thanks

[@jacquibrown3305]

Thanks Jon very informative

[@DanGString]

Great conversation guys 👏

[@bobgray7788]

When do you start your ebay account from ?

[@ianbullock5621]

Hi. great coverage of the subject matter. Thank you both for taking time to give overview. Personally I think separating personal and buy to sell vinted / ebay does not work as ebay seems to always deliver a higher sold price. Also I'm carrying 5 sales channels Personal Household + buy 2 sell + x4 consignment clients with mixed consignment fees so think separate bank accounts also would not practically work. Anyways ebay will declare your total earnings for all sales channels so even if your can manually assign each item sold to a particular bank account, I'm sure HMRC next question will be to ask to see detail for each sales channel. If you have prepared your data to deliver that answer then working off a single bank account is viable. Plus ebay having declared total sales value you then surely you have provide a breakdown for each sales channel to get to the actual taxable income figure. I cannot see a way round have to keep a detailed sales log for each sales channel either in excel or quickbooks. Any thoughts on this comment greatly appreciate

[@ianbullock5621]

oops sorry forgot one other thing, maybe a addional subject in your next vid. "Stock value" and impact on tax liability. Over last 3 years I've bought more stock than I've sold, not that uncommon I would imagine. This means the business is in a negative position, however I believe stock not sold gets handled differently rather than just being an annual additive cost. An explanation of this subject would be useful to many imo. How does quickbooks handle stock and assets or do you need a separate stock / asset management package? Any recommneds?

[@stoneislandkirkcaldy]

Metallica - Enter Taxman a song about monsters from HMRC waiting to get you under your bed.

[@campcop9214]

So couple questions Jon. If there's a return and that transaction & profit is voided can you still claim the outward postage you paid as expense still? Same if your paying a return label is that an expense that can be claimed back as a cost

[@karenvyse4599]

Great content in the middle of the all the nonsense people are putting out

[@hustysemporium6359]

What if your trying to show that your a profitable business e.g. trying to get a mortgage and you've claimed everything as much as you can as expenses and your profit is low, would it be best to declare less expenses for this ?

[@RetroReselling]

Done this exact thing last year obviously and yes if you're planning on taking out a mortgage then you definitely want to ease up on the expenses for a year or 2 to get that deal 🙂👍🏻

[@hustysemporium6359]

@@RetroReselling Thanks George :)

[@gyaldriplikeaknackeredfrid5829]

Wouldn't ur company be paying you a wage so it would be based of your personal earnings not the business earnings so business expenses wouldn't matter? Or are you guys not doing it through limited company's

[@hustysemporium6359]

@@gyaldriplikeaknackeredfrid5829 Sole trader at the moment was looking at limited company but weighing up the good and bad

[@dalesmith1911]

@@gyaldriplikeaknackeredfrid5829 if you are the sole owner of the company the bank will class you as self employed and want to see all company accounts.

[@MrDottley1]

I’m currently employed but I also complete a tax return for my self employed personal training work that I do on the side. Can I add my eBay tax return alongside my fitness stuff ?

[@timothybohan8832]

On the tax return it asks you how many self employments you have. If you put 2 it should populate 2 forms to fill in

[@Martinw_909]

I’m a bit confused if you make over 1,000 pounds, do you have to start paying taxes as soon as you reach over a thousand pounds?

[@hawkinsemporium]

If you are buying to resell to make money then you'd need to register with the HMRC & fill out a tax return. Your information will already be forwarded to the HMRC directly from ebay anyway, so best to get on top of it asap.

[@radioclash84]

Sorry but how can they prove that what we are selling isn't our own stuff? And on the flipside how do show them that you are not reselling. Most of my videogames that I am selling from my own collection were purchased years ago. ​@hawkinsemporium

[@hawkinsemporium]

@@radioclash84 if its your own items your be fine, but if you are selling thousands of pounds worth then they will be taking a look into your accounts for sure. If its just a few here and there that is from your own PC I wouldn't worry. I'm no accountant thou, if you want concrete advice Id contact one for a chat.

[@SaraBagley-yn9mb]

Ive been selling my clothes and also my daughters and mothers. Ive made over 1700 but im not a reseller. What do i do?

[@SaraBagley-yn9mb]

Is it best for me to do a tax return as I'm selling my families stuff? Although I don't know how I'd evidence this?

[@imwithstephen]

No, you're not buying & selling as a trade, you're just having a clearout.@@SaraBagley-yn9mb

[@campcop9214]

Anyone know?

[@SilverTrowel631]

Just get an accountant. Couple hundred quid a year. Rocket science it aint.

[@wymblue]

Spot on. Keep records, get an accountant.

[@raalaa121]

Exactly ... can't be bothered with the headache. Keep your purchase receipts, sales records and just hand it over to him to do your annual accounts, job done.

[@Rambleswithmycameraonyoutube]

Five adverts in six minutes sorry man the pop up adds are ridiculous maybe consider taking off mid roll ads or demobilise your long video interviews it's such a pity as I'm sure it would have been a great interview but the frequency of the Ad pop ups are shit man.

[@rudeboyiramo]

Get ad blocker

[@JonLuc]

I've not added any ads pal. That is KZbin themselves

[@Rambleswithmycameraonyoutube]

@@JonLuc thanks Jon I know it's not you placing them there but because you have it set tombe monitized and your bids allow mid roll ads KZbin are placing ads throughout and I'm sure you agree having to wait 27 seconds before you can skip an ad so the viewer can watch your content is pretty annoying especially if an ad is popping up every minute. I have several KZbin channels one of which is a meditation channel so I wasn't aware ads were popping up mid meditation so I switched off mid roll ads on those particular videos. I love your channel man but I wouldn't have the time or patience to sit through adverts on that frequency man ♥️

[@Rambleswithmycameraonyoutube]

@@rudeboyiramo sorry I won't install an ad blocker I have too many active channels on KZbin that I'm not prepared to breach YiuTubes terms so a simple solution is that we simply switch off mid roll ads as that is where the issue lies not asking the viewer to do something illegal.

[@rudeboyiramo]

@@Rambleswithmycameraonyoutube I don’t personally use a ad blocker it was just a suggestion wasn’t forcing you to do something “illegal” at all 👍