Takes a massive amount of courage to make this video & I admire you for it, alongside your transparency with you’re numbers, extremely refreshing to see. I’m wishing you all the best with working through this blip & no matter what happens please take pride in the incredible journey you’ve been on, & thank you for sharing it. Take care.
Thank you so much for such kind words I do appreciate it, I try to be positive in life sometimes it is tough but I try to surround myself with good people to raise me up. Hope you have a great week. Kind regards Simon
How refreshing someone actually going behind the Big numbers you see from most RUclips resellers. Love the way you stratagise. Never forget that you alone have built your business up from nothing, this is just a small hill to climb.... Good luck, Si & Ali
Thank you so much for the kind words, I really do appreciate it, I do try to let people know how I’m feeling unfortunately it not alway all a bed of roses, I do try to surround myself with good people and I am blessed au have such a supportive wife. Thanks again and hope you have a great week. Simon
Love the channel mate & great that you are keeping it real. Just going to be brutally honest. Not everyone wants to hear it but it’s the truth. For most used clothing resellers like us, registering for VAT is absolute stupidity. For others like Hanli registering for vat is 💯 the right thing but not for businesses like ours unless you want to go really big like Daz. I stay around the 80k mark and will never register. For example if I double my turnover to 160k, after VAT, accounting overheads operational costs & higher tax rate I would only be 20% better off after all deductions. So who would work twice as hard for 20% more? It’s madness. You are basically working twice as hard having time away from family just to collect vat for hmrc and be their b****! I have been telling people this for years but people see VAT as a badge of honour but in fact it’s a badge of stupidity. If you increase your margins you can easily earn £30k a year after tax etc possibly up to £40k a year whilst staying under the threshold. You can then have more freedom to start other business or work part time somewhere if needed with no stress of hmrc or vat. I literally work 1 hour a day plus sourcing time with no stress it’s the way to go mate. Seriously think about deregistering and having a much better life. Everyone’s situations are different but this is just good honest advice mate. To put this in to more perspective you say it costs you £800 a month extra for vat. Assuming you make £10 profit per item that would mean you are sourcing, listing & selling an extra 80 items per month or 18 items per week just to pay VAT! You can turn this around easily either way !
Not sure about that outlook, it’s all about how to do everything faster and make everything more streamline whilst still hitting big numbers, if you’re having to work twice as hard for an extra 20% the system isn’t effective
Thank you so much for taking the time to give your advice on VAT, it does make perfect sense and I do understand why people want to keep under the threshold. For me I am trying to grow to a decent level and I want nothing more than to prove to the government they won’t break me. I’m just trying to scale but do it safely. I do appreciate your input. Hope you have a great week, Simon
I hope you are able to keep things going Simon. Your channel is excellent, informative and inspirational. I’ve watched every video. It’s almost as if HMRC make things far too complicated than is necessary, along with allowing you the “privilege” of being their unpaid VAT collector. All the best whichever direction you go in.
Thank you so much, I do agree but that’s the government for you never going to be easy but if I get through this I will be so much stronger . Have a great day Simon
Really enjoy the videos and your honesty. I'm nowhere near your ebay numbers but I found your vid really informative as to what it means to go VAT registered. I personally have multiple income streams - BTL, full time job and reselling. WFH was a godsend in that I can maintain a stable salary while working on my ebay store with very little (visible) impact to my main job. I do wish I had the balls to jump ship like you have, but with dependents I struggle to find the courage! Keep up the good work - you seem a lot more focused and organized than the majority of resellers I watch and I'm sure you will come through this.
Thank you so much for watching I do appreciate the kind words, you sound absolutely flat out but I think you have a spot on idea, multi income streams are one of the greatest ideas, thanks again and have a great week, Simon
You are always so down to earth in your videos and it is clear how hard you have worked. I hope it all works out for you because you have been an inspiration to me, and many others I am sure. I have just started ebay reselling because of the cost of living crisis so I know how difficult things are - everyone is really feeling it and trying to struggle through. Hopefully with everyone supporting each other, offering guidance and advice, we can all make it through but there are definitely going to be some hard times for us all. Best of luck.
Thank you so much for the kind words, I am 100% in agreement life is tough enough, we all need to make sure we surround ourselves with loved ones who support and help up grow, that also means helping others. Hope you have a fantastic day Simon
A very honest video Simon - one of the important things here is to look after your mental health too - keep strong and your head held high - you are an inspiration and you work such long hours - I am sure it will all turn out ok
Thank you so much I feel humbled with such nice words. You are 100% right a good mental health is so important. I am very lucky I have an incredible wife who is so supportive. Hope you have a great day Simon
Thanks so much for being so transparent and sharing your numbers, Simon. I don't understand the UK taxes, but it does seem very strict! I seriously think you can figure this out and move your business to where you want it to be. 🥰
Great video Simon. Good to see the numbers and the impact of vat etc. You must keep going. A quitter never wins and a winner never quits! You have got this far, you can find a way through I'm sure.
Si-dog, probably your best and informative video to date under trying circumstances. Some interesting and constructive advice from your viewers (I admire your diplomatic responses to those who weren’t though!). Keep going mate, you’ve done great so far and I know you’ll break through these challenges 👊
Thanks Chris, As always I appreciate your support and your friendship. Hope you and the family are well. Ps not everyone is going to like me or my channel and that’s OK. Have a great weekend Simon
Hi Simon, I did wonder why your videos had stopped I'm sure you will push through and you have to do what you have to do. Glad your back and good luck. Regards Geoff
Good to hear from you again Simon albeit in difficult times for your business. The harder you work and strive to create a successful business the more difficult it becomes to maintain. Can't offer any useful advice but I do wish you well and a hope you will get through this, you seem a very optimistic guy. Any joy with whatnotting, from what I have seen and heard it's a lot of work for little reward. Keep posting, enjoy your content very much.
Thank you for your continued support I really do appreciate you. It’s another thing to overcome but I’m committed to make it happen. Not got into What Not yet want to concentrate on EBay get it to a good level then look at other options. Hope you have a great week Simon
You seem like a good genuine guy. Ive seen alot of RUclips resellers bragging about upscaling their businesses to go above the VAT threshold and they dont seem to realise what that actually means and how much hard work they will need to do to make that extra profit. If your not buying well then your just working hard for eBay and the government. Work smart not hard.
Great to see you back and thanks for the video. Please do look at all of your operating costs that may have claimable vat like fuel, mobile phone etc (hope this is of some small help). Any advise you could give on eBay promoted listing percentages please, what percentage do you go for? Does it vary? Thanks again for all the great content and keep going :-)
Thank you so much for watching and taking the time to comment, looking at all operational costs is sooo important, the only down side is n the scheme I’m on I can’t claim back VAT as I’m on the flat rate of interest scheme. Still important to know your numbers. Hope you have a good day Simon
I'm glad you have pointed this out. Most of the other eBay youtubers seem to paint over this and hide it. It's a difficult thing to get past. You need to just push through. Its shocking that they want more and more money from you the better you get. It feels like a setback and put most people off from actually succeeding.
Good Video Simon, its not all black and white our business but a good thing about being a entrepreneur you have the ability to adapt and change. I have confidence you can do this mate.
10 Years ago i was closing in on the VAT threshold which was a lot less back then. My accountant advised me to never go over the threshold because it would cripple my business. Due to my personal circumstances i now earn far less but am comfortable. If you are short on funds the old saying is you increase your income and or decrease your expenses. Ive done so by decreasing my expenses. Every year in April i reassess. If i ever have to i would take on a job in the real world rather than try and increase my ebay. Good luck with everything, you are giving it a chance. First video of yours i watched so dont know your circumstances.
Thank you so much for the great advice I do appreciate it and I thank you for watching and taking the time to comment. Hope you have a great weekend Simon
All of the people who are struggling most (including me) are clothing sellers. I’m coming to the realisation today that clothing is not sustainable. I have wholesalers, but the prices are being driven down on Ebay because supply is so plentiful. My charity shops locally are honestly so full of people, and I think when people turn to reselling they start selling clothes. I could be wrong, but I’ve been doing this for quite some time and am really seeing the change in the market. Also, returns are killing me too!
@@thegentlemanmarketeer i hope you manage to do it! I think I’m back to picking up everything to survive this current market. But 100% good luck to you. Hope yoy have a great week too.
This is the first time I ever watched one of your videos. I have to say that I am impressed. That was really good. Not just, good excellent. You haven't mentioned one thing though. Working hard in this country just does not pay. You work hard and THEY will take it. The Government are straight in there, ohhh, we'll have a slice of this. They don't realise how hard this reselling business is! Meanwhile, in an area close to all of us. There are people who sup their Special Brew every night, no council tax, no rent, no dental care fees. All the benefits of being idle. More coming in boats everyday for a slice of that. Who's paying for them? US! So, next time you find that mega bargain that you can make good money on. You've just added to the pension of some lovely politician or bought a another can for a doullite. It's only going to get worse. I advise my daughters to get out of this country. WE are being fleeced big time.
The additional monthly £800 in accountancy fees and actual VAT payment ( which will actually be quarterly ) will at least be tax deductible which will reduce your taxable wage so you will have less tax and NI to pay although it's little consolation.
@tlemanmarketeer4078 I do also think that Boldfinds should be taking all this in too as his new business model is pretty much your one. The £15 average net profit thing per sale is all very well and good but like you said you need to have a handle on the spend. Yeah, you can spend £20 to make £15 in some cases and that profit per sale is still there but the % spend on COG works like an equation in the bigger picture and also puts up your turnover pushing deeper into VAT. The other thing being the promoted % with some having outrageously high prices but getting the sale by reaching the very top tier of buyers with deep pockets who dont care about price. You'll need to somehow get back down below VAT by cutting your stock spend down. You could also try taking off free returns as probably encourages returns from those who try things out but taking zero responsibility for it. It'll probably put your visibility and sales volume down too though but depending on your return rate all the extra free returns paid for soon add up. As you do not use wholesalers you cannot scale your way past VAT so it's obviously not an option. You also go town to town sourcing most days so the 45p a mile allowance will surely add up to a fair few grand a year too to lessen profits. Could you explain about the corporation tax? I'm guessing you have gone LTD just in case things go tits up in the future and you have a dividing line between business and private liability?
I went vat reg in June last year. My sales were really good until December and so the VAT payments weren't as issue at all. Since then it has been quieter and I'm not hitting the numbers I was, or even particularly close to that. This makes it quite hard to manage to make up the VAT payments. I do think it is quiet right now, more so than it normally would be. Double down, keep trying new things. Maybe look at other avenues of income as well? I don't think anyone should solely rely on eBay anymore (but that's just my opinion)
Great advice and I 100% agree, it’s definitely time to double down. I appreciate you watching and I hope sales for you grow as well. Have a great week Simon
Also 😂😂😂😂 at the people thinking you are living that champagne lifestyle and that you have 85k to just be living off! You are very transparent Simon and I think people are forgetting you have to pay eBay fees, promoted fees, postage fees, VAT, corp taxes, personal taxes and most importantly COG 💜💜 You might need to do a video explaining the difference between turnover and profit 😜
Hi Michelle you are sooooo right, I clearly didn’t explain it that well 😂😂😂 Thanks for all you help and advice, I appreciate you so much, looking forward to the road trip 👊👊👊
Thanks Simon. Good in-depth look into your eBay financials. I run a VAT registered business and resell on eBay when my normal business is quiet. One thing I have always known and it isn't a nice thing to know, but our governments do their best to keep us poor without making it seem they are keeping us poor because we still have what we need and some.... However we are just treading water and can only get so far, without luck or a cash cow. My focus because of this is my real wealth.... My family. 😊
Good luck with it. I’m currently starting new in April and have just acquired my first office space and finally out the house/bedroom. Currently work full time and the eBay profits will take me into the 40% tax bracket. I’m not sure how to get around that.
I remember when I was full time and had Ebay as a side hustle, I went over the 40% as well it was painful but I got through, like im going to get through this blip as well. Good luck with the new space, Simon
Hi I've been on flat Rate for about 6 years now . your takings this year are slightly less Than Mine 16k against your 13k but I sell collectables so my margins are very large, With A low cost per item . I think where you are struggling must be the margin if 6.5 % vat is having such a big effect either that or its outgoings .maybe Try some lower pound Margin items but higher percentage to mix in with your normal stock that may help And also a larger inventory may turn it around .
Thank you so much for the great advice, I think you are spot on, I need to definitely buy better and mix it ilipna bit. Appreciate your input Hope you have a great weekend Simon
your profit must be around 50k, how is that not enough, not being rude, just trying to understand !! wishing you well. what kind of profit do you need per year roughly ?
Thank you for watching and taking the time to message, unfortunately I do have some pretty hefty bills living just outside of London. These definitely are a factor but as you say if I was on £50k profit a year how much do I need to survive, well I have tried to break it down. If I earned £50K I pay £7125 in corporation tax And £6240 in VAT this comes straight off my profits so it may look good with 50k profit but after the HMRC has got involved it’s about £36500 an ok wages for most people in the UK but I work 7 days a week for 12-14 hours per day. That being said I still love what I do. Hope that helps Simon
@@thegentlemanmarketeer Thank you for replying , and apologies , i like others on the comments forgot how it breaks down and assumed you weren't near london. also 12 to 14 hours a day, the hourly doesnt work out good. would starting a 2nd ebay store help? maybe sell on other platforms. such a hard situation
Good info m8, so why don't you split the business into 2 accounts. This way you won't hit the VAT threashold. Or is this not allowed? Also I see people in the US charging their customers the VAT in the basket I have paid vat loads of times but as A buyer I cant claim it back. So let me know why you can't simply have 2 accounts that fon't break the vat limit 😊
Thanks for watching and I appreciate the comment, the splitting the business is something I have asked the accountant about, he seems to think it is incredibly difficult to prove they are seperate business and as such would be classed as tax evasion, thanks again and I hope you have a great weekend. Simon
No matter how hard you work they don't allow you to have a good life just keep treading on you to keep you under that threshold of really making it....
Unfortunately, I didn't understand everything... does this mean that when buying in charity shops, the reseller cannot deduct the costs incurred? Can't this also be considered an expense when buying a printer?... All the best Simon 👊👊
Thanks for watching, the scheme I’m on means I can’t claim back the VAT element. You can still deduct the costs from your profit but not the vat. Not sure that made sense, that’s why I’m not an accountant 😂 Have a great day
Simon, been following your journey from the beginning and I know you will over come this hurdle and turn the business around 💪💪 What did you actually hit on eBay before they asked for your vat number? a lot of people say they ask for it before you reach the £85k gross. Was your 52 rolling week total say £83k or £80k when they asked you to register? I'm at £76k myself and wondering how much further I can push it... 😬
Thank you so much for such kind words, I am blown away how supportive everyone has been. I went VaAT registered when I hit £81k, I thought I was leaving it right to the last minute as I have friend who were hit by eBay at £70k. It’s definitely a tricky one but I couldn’t take the risk of having EBay shut down. Good luck with your journey Simon
It's a ballsy move going over the VAT threshold. But you certainly seem to have the ability to grow your business mate. I think with your average sale price rising, that's absolutely the right move. Reducing the time you take achieving the returns you're used to by upping your ROI, will mean you've more time to invest in scaling.
Thanks Dave appreciate you watching and taking the time to comment, I’m trying to scale the business and VAT is an unfortunate obstacle but I’m committed to smash through. I have made a few tweets to the business and seeing great results. Hope you have a great day Simon
Multi jobs is definitely a good idea,I do find I have very little time after all my other commitments but definitely worth thinking about, have a great week Simon
Hiya Simon, I’m a full time reseller since July last year, I went full time quicker than I should have done but that’s another story. I’m not that far from you, living in the Medway towns. Would love to come on a live stream. The real difficulty if finding the quality items. I went to 12 charity shops today and came away with two items. Although a year ago I would’ve probably picked up a lot more but my knowledge has grown so I’m picking up less, plus the prices in these shops is going up all the time, one shop I went into today wanted £25 for a basic adidas hoodie. I’ve just setup a whatnot account and have my first show in a few days. But again this will be a high turnover and less profit, so it’s going to be a very fine balance. Regards Matt
try going to a kilo sale ( £15 ones are still around and the average cost of item is £3.80-£4.20 which can be a lot cheaper than a charity) Plus you get better brands / sizes and quality and you can get 50 to 100 pieces in a morning all in one place saving time and energy. Seriously it turned my business around.
Can you have two separate businesses that make 80k a year each avoiding the VAT once one hits 80k stop for the year & then start working on the other one that does the same thing selling online.
Thanks for watching and appreciate the message. That’s a great idea but I think the accountant will have something to say about that. Have a great week Simon
I do these monthly round ups on my channel theyre so helpful come tax season and it helps you see whats selling / patterns ect. Glad someone else is showing the ACTUAL numbers and not just putting turnover out there lol It doesn't help ebay have slapped the new fees on come April. Your ASP is on the up so Keep going , slow and steady wins the race :) How much do you pay your accountant per month?
Hi George, thanks for the kind words and you are so right slow and steady, My Accountant costs £120 PM, hope you have a great week and Im sure we will speak soon, Simon
In my opinion unless you can push your turnover to £120k+ i dont think it makes sense going vat registered and are best keeping under that 85k threshhold
Thanks for watching, I would probably go back to selling cars, wages are around 30-40k so similar to what I earn on eBay but a darn sight less hours. Have a great week Simon
Thank you so much for watching and taking the time to comment, previously I had a buy cost of around £4. Now it’s gone up to close to £8 but higher margin items. Think I sold about 5000 items last year. Hope you have a great day Simon
Evening Simon Great honest video Did you ever think of splitting your business into two different accounts And pay two lots of tax and accounting fees You could get to £60.000 easy on each account with no vat problems I think I would sack the eBay for a while De register Get a job And re start again in the autumn I know it hurts but they have you by the balls If you start giving free postage/ returns etc eBay takes more again It’s not worth the stress Get a job and hustle after work Or a seasonal job The government wants everything I know plenty who tried the vat and soon got out of it Best of luck Clifford
What about splitting your business into mens clothing on one store, then another Ebay shop for all other items you might pick up, run two businesses under the VAT Threshold, its such a double edged sword, im not sure how you make a living when VAT becomes part of your business Good luck though, be great to see where you take it 😊
Thank you so much for watching and taking the time to comment, I will definitely speak to the account to see if this is possible Hope you have a great weekend Simon
Hello Simon. I had been concerned to not see new RUclips posts from you but now I understand why. I recently watched a technsports video. I know you are a member of that group but I just watch the RUclips videos. A long-term eBay seller on that video asserted that he would have to sell 1 million dollars to earn a median employee salary. I didn't feel that technsports rebuffed this. Did you watch that one? I wonder if you need to scale up from a one-man show as you need to extend your time finding more high quality and high profit items? I really do wish you improved fortunes in 2024. Very best wishes,Roger.
Hi Roger, thank you so much for watching and the great advise, yes I definitely watched Tech video about the costs, it was very informative. I think there are quite a few a few differences between the UK and the US, but I’m still committed to make this work, don’t want to go back to the real world. Hope you have a great week. Simon
I watch your videos and enjoy them. I am wondering why you can’t survive on £96,000 a year ? Most people working earn around 25 - 40k and survive. I think you were advised wrong! Your figures are huge, nearly 100k a year!
Hi thanks for watching, sorry if I didn’t make it clear, £96k is my turnover not profit, I am definitely not part of the 1%. I appreciate the comment Simon
Thank you for replying. As a previous sales manager. I would advise you to reduce your discount for repeat buyers. Also some of your marketing. You are already well established.
I'm in Australia, we have GST not vat. But U keep saying U can't claim Ur vat back in the flat for ur postage and other expenses. But I believe instead of claiming the vat back separate. U claim the whole amount as expense. Eg. Here in Australia expense $1.10. 10 cent GST and $1.00 that expense, if U over $75,000. If I can't claim GST I claim the whole amount as an expense. Really U not paying more. Except for the accountant. I ask for copies of the first few and study them. It not as hard as U think. Here, U can use a bookkeeper to prepare these statements for you, but U have to lodge them. Cheaper option. Mayb just get part-time job. Cheers Graham
Thanks for such great advice, I do agree there are things I can look into, some are quite different in the IK but I’m trying to learn and grow. Hope you have a great week and I appreciate your support Simon
Don't think postage is that much, theres ways of reducing the cost quite a bit if you can find the right source for packaging etc and doing own labels. And tbh I thought he was saying after fees thats his total. Even so 85k is a decent sum of money, not sure how it works out after fees but still better than the average UK salary I'm sure@@lynnedeegan4077
Hi thanks for watching and taking the time to comment, I’m currently paying close to 23% fees, plus postage, storage costs Fuel, Cost of goods ,packaging, Accountant fees, Corporation Tax, VAT, that’s just what I can think off the top of my head. The £85k quickly disappears. I don’t live a life of luxury (I would love to ) bills are getting more expensive each day. Hope you have a fantastic day Simon
I had to get a job s few times to boost my income ! eBay stopped being great in 3025 when they started promoted it killed reselling! I retired early that allowed me to do ebay part time!!
Hi andrew thank you for watching. Just wanted to check I made myself clear my turnover was £96k that is not profit, I wish I was in a fortunate position. Maybe I need to do another video. Sorry if you didn’t understand, I have to pay close to 24% eBay fees, VAT on the overall turnover, Account fees, Cost of goods, postage, Storage costs, packing materials, Corporation Tax, plus lots of other costs not mentioned. Hope that helps and have a great day
Thanks for explaining, believe me I wasn't commenting to be an arse, I just like to think outside the box and outside of that box, I'm a huge believer in adapting, do you need an accounts person, can you find cheaper storage, can you source cheaper packing materials etc anyway keep up the good work, best regards Andy
Good video really well explained and helpful. Very annoying that that the tax is on revenue rather than profit, seems unfair when margins are on reselling are thin. Love the channel always interesting.
Great video but 85k surely you could live on that people live on less wish I was :( are you married with kids? I don’t understand how you can’t survive on that!!
@@thegentlemanmarketeer sh yea I see, plus I see eBay are bringing in another fee in April 8 th they are just getting greedy now :( have you tried whatnot seems to be the in thing now ..
Real life Real Job Real World there aren't any pretend ones I'm sure you'd do whatever takes to pay bills. eBay seems on fire for people or dead atm Cost of living for everyone is hard for a good while yet I imagine
Thank you so much for taking the time to watch and comment I do appreciate it, yes I’m committed to do whatever it takes to make this work Have a good weekend Simon
I don't want to tell you break the law. But after the 85k you're effectively working for free. So you need to find a different income for that period. Other than that, well done for reaching such a good turnover.
morning if you are interested i do have stock that i am willing to sell and do deals on at the moment i'm in process of moving house which has put everything on hold i don't have problem sourcing good clothes cheers tony
Thank you for watching, unfortunately My turn over is over 80k unfortunately that’s not profit, I live on a very meagre wage and can get more in a job in the real world but I love working for myself. Have a great day Simon
After taxes, overhead of buying items to sell and shipping cost and eBay costs. He might make 30-40k. So ya, that’s just barely getting by. He needs to double that 80k to make a normal living that is sustainable. He’s being real and makes sense.
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Takes a massive amount of courage to make this video & I admire you for it, alongside your transparency with you’re numbers, extremely refreshing to see.
I’m wishing you all the best with working through this blip & no matter what happens please take pride in the incredible journey you’ve been on, & thank you for sharing it.
Take care.
Thank you so much for such kind words I do appreciate it, I try to be positive in life sometimes it is tough but I try to surround myself with good people to raise me up.
Hope you have a great week.
Kind regards
Simon
How refreshing someone actually going behind the Big numbers you see from most RUclips resellers. Love the way you stratagise. Never forget that you alone have built your business up from nothing, this is just a small hill to climb.... Good luck, Si & Ali
Thanks for the honest video. Your turnover is amazing. Hope you find a way forward 👍 Thanks Sue
Thank you so much for the kind words, I really do appreciate it, I do try to let people know how I’m feeling unfortunately it not alway all a bed of roses, I do try to surround myself with good people and I am blessed au have such a supportive wife.
Thanks again and hope you have a great week.
Simon
Good to see you back. Keep going Simon. We are all routing for you.
Thank you so much it really does mean the world to, hope you have a great week
Simon
Love the channel mate & great that you are keeping it real. Just going to be brutally honest. Not everyone wants to hear it but it’s the truth. For most used clothing resellers like us, registering for VAT is absolute stupidity. For others like Hanli registering for vat is 💯 the right thing but not for businesses like ours unless you want to go really big like Daz. I stay around the 80k mark and will never register. For example if I double my turnover to 160k, after VAT, accounting overheads operational costs & higher tax rate I would only be 20% better off after all deductions. So who would work twice as hard for 20% more? It’s madness. You are basically working twice as hard having time away from family just to collect vat for hmrc and be their b****! I have been telling people this for years but people see VAT as a badge of honour but in fact it’s a badge of stupidity. If you increase your margins you can easily earn £30k a year after tax etc possibly up to £40k a year whilst staying under the threshold. You can then have more freedom to start other business or work part time somewhere if needed with no stress of hmrc or vat. I literally work 1 hour a day plus sourcing time with no stress it’s the way to go mate. Seriously think about deregistering and having a much better life. Everyone’s situations are different but this is just good honest advice mate. To put this in to more perspective you say it costs you £800 a month extra for vat. Assuming you make £10 profit per item that would mean you are sourcing, listing & selling an extra 80 items per month or 18 items per week just to pay VAT! You can turn this around easily either way !
Not sure about that outlook, it’s all about how to do everything faster and make everything more streamline whilst still hitting big numbers, if you’re having to work twice as hard for an extra 20% the system isn’t effective
Thank you so much for taking the time to give your advice on VAT, it does make perfect sense and I do understand why people want to keep under the threshold.
For me I am trying to grow to a decent level and I want nothing more than to prove to the government they won’t break me. I’m just trying to scale but do it safely.
I do appreciate your input.
Hope you have a great week, Simon
@@thegentlemanmarketeerYou got the knowledge & drive to make it work just a few tweaks around the business side & success is a certainty.
I hope you are able to keep things going Simon. Your channel is excellent, informative and inspirational. I’ve watched every video. It’s almost as if HMRC make things far too complicated than is necessary, along with allowing you the “privilege” of being their unpaid VAT collector. All the best whichever direction you go in.
Thank you so much, I do agree but that’s the government for you never going to be easy but if I get through this I will be so much stronger . Have a great day
Simon
Really enjoy the videos and your honesty. I'm nowhere near your ebay numbers but I found your vid really informative as to what it means to go VAT registered. I personally have multiple income streams - BTL, full time job and reselling. WFH was a godsend in that I can maintain a stable salary while working on my ebay store with very little (visible) impact to my main job. I do wish I had the balls to jump ship like you have, but with dependents I struggle to find the courage! Keep up the good work - you seem a lot more focused and organized than the majority of resellers I watch and I'm sure you will come through this.
Thank you so much for watching I do appreciate the kind words, you sound absolutely flat out but I think you have a spot on idea, multi income streams are one of the greatest ideas, thanks again and have a great week, Simon
You are always so down to earth in your videos and it is clear how hard you have worked. I hope it all works out for you because you have been an inspiration to me, and many others I am sure. I have just started ebay reselling because of the cost of living crisis so I know how difficult things are - everyone is really feeling it and trying to struggle through. Hopefully with everyone supporting each other, offering guidance and advice, we can all make it through but there are definitely going to be some hard times for us all. Best of luck.
Thank you so much for the kind words, I am 100% in agreement life is tough enough, we all need to make sure we surround ourselves with loved ones who support and help up grow, that also means helping others.
Hope you have a fantastic day
Simon
A very honest video Simon - one of the important things here is to look after your mental health too - keep strong and your head held high - you are an inspiration and you work such long hours - I am sure it will all turn out ok
Thank you so much I feel humbled with such nice words. You are 100% right a good mental health is so important. I am very lucky I have an incredible wife who is so supportive.
Hope you have a great day Simon
Good to see you back. You will succeed. All the best, Tim
Hi Tim, thank you for your continued support I do appreciate you.
Hope you have a great week
Simon
Great video always love how honest you are
Thank you so much I do appreciate you taking the time to watch and comment. Hope you have an awesome weekend
Simon
Thanks so much for being so transparent and sharing your numbers, Simon. I don't understand the UK taxes, but it does seem very strict! I seriously think you can figure this out and move your business to where you want it to be. 🥰
Thanks Dana, yes it’s complicated here in the UK.
Thanks again for watching, Simon x
Great video Simon. Good to see the numbers and the impact of vat etc. You must keep going. A quitter never wins and a winner never quits! You have got this far, you can find a way through I'm sure.
Sage advise I appreciate the positive vibes.
Hope you have a great day
Simon
Keeping it real Simon! Thanks for sharing 💜
Thanks Michelle 🙏
V challenging times and hard when you're putting in so much effort, good luck and keep us all updated.
Thank you so much, I do appreciate you watching and taking the time to comment, I feel blessed with all the support.
Hope you have a great day
Simon
Si-dog, probably your best and informative video to date under trying circumstances. Some interesting and constructive advice from your viewers (I admire your diplomatic responses to those who weren’t though!).
Keep going mate, you’ve done great so far and I know you’ll break through these challenges 👊
Thanks Chris, As always I appreciate your support and your friendship.
Hope you and the family are well.
Ps not everyone is going to like me or my channel and that’s OK.
Have a great weekend
Simon
Hi Simon,
I did wonder why your videos had stopped I'm sure you will push through and you have to do what you have to do.
Glad your back and good luck.
Regards
Geoff
Hi Geoff, thanks for all your support I do appreciate you and the kind words.
Have a great day
Simon
Good to hear from you again Simon albeit in difficult times for your business. The harder you work and strive to create a successful business the more difficult it becomes to maintain. Can't offer any useful advice but I do wish you well and a hope you will get through this, you seem a very optimistic guy. Any joy with whatnotting, from what I have seen and heard it's a lot of work for little reward. Keep posting, enjoy your content very much.
Thank you for your continued support I really do appreciate you.
It’s another thing to overcome but I’m committed to make it happen.
Not got into What Not yet want to concentrate on EBay get it to a good level then look at other options.
Hope you have a great week
Simon
Keep your head up.. tough times never last.
You will get through it! 🎉
Love this post !!!! Positive vibes all the way, I appreciate you watching and taking the time to comment. Hope you have a great week Simon
You seem like a good genuine guy. Ive seen alot of RUclips resellers bragging about upscaling their businesses to go above the VAT threshold and they dont seem to realise what that actually means and how much hard work they will need to do to make that extra profit.
If your not buying well then your just working hard for eBay and the government.
Work smart not hard.
Very Very wise words, thank you so much for watching and taking the time to comment, hope you have a great week. Simon
Great to see you back and thanks for the video. Please do look at all of your operating costs that may have claimable vat like fuel, mobile phone etc (hope this is of some small help). Any advise you could give on eBay promoted listing percentages please, what percentage do you go for? Does it vary?
Thanks again for all the great content and keep going :-)
Thank you so much for watching and taking the time to comment, looking at all operational costs is sooo important, the only down side is n the scheme I’m on I can’t claim back VAT as I’m on the flat rate of interest scheme.
Still important to know your numbers. Hope you have a good day
Simon
I'm glad you have pointed this out. Most of the other eBay youtubers seem to paint over this and hide it. It's a difficult thing to get past. You need to just push through. Its shocking that they want more and more money from you the better you get. It feels like a setback and put most people off from actually succeeding.
Thank you that is great advice
You deserve better Simon, hope you can work things out, be proud of what you have done and hope you can get off that vat threshold
Thank you so much I do appreciate the kind words and motivation.
Hope you have a great week.
Simon
Good Video Simon, its not all black and white our business but a good thing about being a entrepreneur you have the ability to adapt and change. I have confidence you can do this mate.
Thank you so much, love the positivity, and I love being a business owner. Thanks for all your support, I do appreciate it 👍 have a great day Simon
10 Years ago i was closing in on the VAT threshold which was a lot less back then. My accountant advised me to never go over the threshold because it would cripple my business. Due to my personal circumstances i now earn far less but am comfortable. If you are short on funds the old saying is you increase your income and or decrease your expenses. Ive done so by decreasing my expenses. Every year in April i reassess. If i ever have to i would take on a job in the real world rather than try and increase my ebay. Good luck with everything, you are giving it a chance. First video of yours i watched so dont know your circumstances.
Thank you so much for the great advice I do appreciate it and I thank you for watching and taking the time to comment.
Hope you have a great weekend
Simon
All of the people who are struggling most (including me) are clothing sellers. I’m coming to the realisation today that clothing is not sustainable. I have wholesalers, but the prices are being driven down on Ebay because supply is so plentiful. My charity shops locally are honestly so full of people, and I think when people turn to reselling they start selling clothes. I could be wrong, but I’ve been doing this for quite some time and am really seeing the change in the market. Also, returns are killing me too!
You are right it definitely is getting a lot tougher but I’m trying to work out how to overcome these challenges. Hope you have a great week
Simon
@@thegentlemanmarketeer i hope you manage to do it! I think I’m back to picking up everything to survive this current market. But 100% good luck to you. Hope yoy have a great week too.
This is the first time I ever watched one of your videos. I have to say that I am impressed. That was really good. Not just, good excellent.
You haven't mentioned one thing though. Working hard in this country just does not pay. You work hard and THEY will take it.
The Government are straight in there, ohhh, we'll have a slice of this.
They don't realise how hard this reselling business is!
Meanwhile, in an area close to all of us. There are people who sup their Special Brew every night, no council tax, no rent, no dental care fees. All the benefits of being idle.
More coming in boats everyday for a slice of that.
Who's paying for them?
US!
So, next time you find that mega bargain that you can make good money on. You've just added to the pension of some lovely politician or bought a another can for a doullite.
It's only going to get worse. I advise my daughters to get out of this country. WE are being fleeced big time.
Thank you for watching and taking the time to comment, hope you have a great week Simon
The additional monthly £800 in accountancy fees and actual VAT payment ( which will actually be quarterly ) will at least be tax deductible which will reduce your taxable wage so you will have less tax and NI to pay although it's little consolation.
Very true, wise words and something to bear in mind. Thanks for watching and the support
I appreciate it. Have a great day
Simon
@tlemanmarketeer4078 I do also think that Boldfinds should be taking all this in too as his new business model is pretty much your one. The £15 average net profit thing per sale is all very well and good but like you said you need to have a handle on the spend. Yeah, you can spend £20 to make £15 in some cases and that profit per sale is still there but the % spend on COG works like an equation in the bigger picture and also puts up your turnover pushing deeper into VAT. The other thing being the promoted % with some having outrageously high prices but getting the sale by reaching the very top tier of buyers with deep pockets who dont care about price. You'll need to somehow get back down below VAT by cutting your stock spend down. You could also try taking off free returns as probably encourages returns from those who try things out but taking zero responsibility for it. It'll probably put your visibility and sales volume down too though but depending on your return rate all the extra free returns paid for soon add up. As you do not use wholesalers you cannot scale your way past VAT so it's obviously not an option. You also go town to town sourcing most days so the 45p a mile allowance will surely add up to a fair few grand a year too to lessen profits. Could you explain about the corporation tax? I'm guessing you have gone LTD just in case things go tits up in the future and you have a dividing line between business and private liability?
Sorry to hear you are having a tough time Simon, Chin up! You can turn this around!
Thanks Hanli, I’m committed to turn it around, 🙏
Let’s go Simon!!
Thanks Mel 🙏🙏🙏 loved your new one as well
I went vat reg in June last year. My sales were really good until December and so the VAT payments weren't as issue at all. Since then it has been quieter and I'm not hitting the numbers I was, or even particularly close to that. This makes it quite hard to manage to make up the VAT payments.
I do think it is quiet right now, more so than it normally would be.
Double down, keep trying new things. Maybe look at other avenues of income as well? I don't think anyone should solely rely on eBay anymore (but that's just my opinion)
Great advice and I 100% agree, it’s definitely time to double down. I appreciate you watching and I hope sales for you grow as well.
Have a great week Simon
Also 😂😂😂😂 at the people thinking you are living that champagne lifestyle and that you have 85k to just be living off! You are very transparent Simon and I think people are forgetting you have to pay eBay fees, promoted fees, postage fees, VAT, corp taxes, personal taxes and most importantly COG 💜💜 You might need to do a video explaining the difference between turnover and profit 😜
Hi Michelle you are sooooo right, I clearly didn’t explain it that well 😂😂😂
Thanks for all you help and advice, I appreciate you so much, looking forward to the road trip 👊👊👊
Thanks Simon. Good in-depth look into your eBay financials. I run a VAT registered business and resell on eBay when my normal business is quiet. One thing I have always known and it isn't a nice thing to know, but our governments do their best to keep us poor without making it seem they are keeping us poor because we still have what we need and some.... However we are just treading water and can only get so far, without luck or a cash cow. My focus because of this is my real wealth.... My family. 😊
That is such good advise and I agree I do need to make sure family comes first
Appreciate you watching
Simon
Good luck with it. I’m currently starting new in April and have just acquired my first office space and finally out the house/bedroom. Currently work full time and the eBay profits will take me into the 40% tax bracket. I’m not sure how to get around that.
I remember when I was full time and had Ebay as a side hustle, I went over the 40% as well it was painful but I got through, like im going to get through this blip as well. Good luck with the new space, Simon
Your ASP is rising, so your heading in the right direction! Hopefully you can make this work
Thank you yes raising ASP is key I think
Hi
I've been on flat Rate for about 6 years now . your takings this year are slightly less Than Mine 16k against your 13k but I sell collectables so my margins are very large, With A low cost per item . I think where you are struggling must be the margin if 6.5 % vat is having such a big effect either that or its outgoings .maybe Try some lower pound Margin items but higher percentage to mix in with your normal stock that may help And also a larger inventory may turn it around .
Thank you so much for the great advice, I think you are spot on, I need to definitely buy better and mix it ilipna bit. Appreciate your input
Hope you have a great weekend
Simon
your profit must be around 50k, how is that not enough, not being rude, just trying to understand !!
wishing you well.
what kind of profit do you need per year roughly ?
Thank you for watching and taking the time to message, unfortunately I do have some pretty hefty bills living just outside of London. These definitely are a factor but as you say if I was on £50k profit a year how much do I need to survive, well I have tried to break it down.
If I earned £50K
I pay £7125 in corporation tax
And £6240 in VAT this comes straight off my profits so it may look good with 50k profit but after the HMRC has got involved it’s about £36500 an ok wages for most people in the UK but I work 7 days a week for 12-14 hours per day.
That being said I still love what I do. Hope that helps
Simon
@@thegentlemanmarketeer Thank you for replying , and apologies , i like others on the comments forgot how it breaks down and assumed you weren't near london. also 12 to 14 hours a day, the hourly doesnt work out good.
would starting a 2nd ebay store help? maybe sell on other platforms.
such a hard situation
Good info m8, so why don't you split the business into 2 accounts. This way you won't hit the VAT threashold. Or is this not allowed? Also I see people in the US charging their customers the VAT in the basket I have paid vat loads of times but as A buyer I cant claim it back. So let me know why you can't simply have 2 accounts that fon't break the vat limit 😊
Thanks for watching and I appreciate the comment, the splitting the business is something I have asked the accountant about, he seems to think it is incredibly difficult to prove they are seperate business and as such would be classed as tax evasion, thanks again and I hope you have a great weekend. Simon
No matter how hard you work they don't allow you to have a good life just keep treading on you to keep you under that threshold of really making it....
Unfortunately, I didn't understand everything... does this mean that when buying in charity shops, the reseller cannot deduct the costs incurred? Can't this also be considered an expense when buying a printer?...
All the best Simon 👊👊
Thanks for watching, the scheme I’m on means I can’t claim back the VAT element. You can still deduct the costs from your profit but not the vat.
Not sure that made sense, that’s why I’m not an accountant 😂
Have a great day
Simon have you tired sourcing from M&M ? they have great discounts on new high quality shoes / clothing , maybe you can claim back VAT that way ?
Thank you great advise, only down side for me is I can’t claim the VAT back with the scheme I’m on.
Hope you have a great day
Simon
Hi Steve ... hope you don't mind me asking but what's M&M?
Nice t-shirt
Thanks 🙏
Simon, been following your journey from the beginning and I know you will over come this hurdle and turn the business around 💪💪
What did you actually hit on eBay before they asked for your vat number? a lot of people say they ask for it before you reach the £85k gross. Was your 52 rolling week total say £83k or £80k when they asked you to register?
I'm at £76k myself and wondering how much further I can push it... 😬
Thank you so much for such kind words, I am blown away how supportive everyone has been.
I went VaAT registered when I hit £81k, I thought I was leaving it right to the last minute as I have friend who were hit by eBay at £70k.
It’s definitely a tricky one but I couldn’t take the risk of having EBay shut down.
Good luck with your journey
Simon
It's a ballsy move going over the VAT threshold. But you certainly seem to have the ability to grow your business mate. I think with your average sale price rising, that's absolutely the right move. Reducing the time you take achieving the returns you're used to by upping your ROI, will mean you've more time to invest in scaling.
Thanks Dave appreciate you watching and taking the time to comment, I’m trying to scale the business and VAT is an unfortunate obstacle but I’m committed to smash through. I have made a few tweets to the business and seeing great results.
Hope you have a great day
Simon
Maybe do food deliveries on the weekend evenings
Multi jobs is definitely a good idea,I do find I have very little time after all my other commitments but definitely worth thinking about, have a great week Simon
Hiya Simon, I’m a full time reseller since July last year, I went full time quicker than I should have done but that’s another story. I’m not that far from you, living in the Medway towns. Would love to come on a live stream. The real difficulty if finding the quality items. I went to 12 charity shops today and came away with two items. Although a year ago I would’ve probably picked up a lot more but my knowledge has grown so I’m picking up less, plus the prices in these shops is going up all the time, one shop I went into today wanted £25 for a basic adidas hoodie. I’ve just setup a whatnot account and have my first show in a few days. But again this will be a high turnover and less profit, so it’s going to be a very fine balance. Regards Matt
Hi thanks for watching and what a small world. I 200% agree it used to be fun sourcing now it’s hard work.
Onwards and upwards
Simon
try going to a kilo sale ( £15 ones are still around and the average cost of item is £3.80-£4.20 which can be a lot cheaper than a charity) Plus you get better brands / sizes and quality and you can get 50 to 100 pieces in a morning all in one place saving time and energy. Seriously it turned my business around.
Gotta scale up when you register just to level out the hit
100% agree need to smash through 💪
Im not there yet hopefully next year maybe this year at a push if i hit my 20 a day goal
Can you have two separate businesses that make 80k a year each avoiding the VAT
once one hits 80k stop for the year & then start working on the other one that does the same thing selling online.
Thanks for watching and appreciate the message. That’s a great idea but I think the accountant will have something to say about that.
Have a great week
Simon
I do these monthly round ups on my channel theyre so helpful come tax season and it helps you see whats selling / patterns ect. Glad someone else is showing the ACTUAL numbers and not just putting turnover out there lol It doesn't help ebay have slapped the new fees on come April. Your ASP is on the up so Keep going , slow and steady wins the race :) How much do you pay your accountant per month?
Hi George, thanks for the kind words and you are so right slow and steady, My Accountant costs £120 PM, hope you have a great week and Im sure we will speak soon, Simon
In my opinion unless you can push your turnover to £120k+ i dont think it makes sense going vat registered and are best keeping under that 85k threshhold
Thanks for watching and a valid opinion, hope you have a great week Simon
WOW on that kind of Money! Would you get a job pays that well in Real Life ?
Thanks for watching, I would probably go back to selling cars, wages are around 30-40k so similar to what I earn on eBay but a darn sight less hours.
Have a great week
Simon
@@thegentlemanmarketeerSorry hope didn't cone cross as nosy talking money. Must be doing something right make big numbers. 👍
It almost as they want you to pack it in.
Ha ha yes indeed, I’m not going to be beaten.
Thanks for watching
Simon
Morning, glad you are deciding to keep pushing through, how much would you say you are investing annually in stock?
Thank you so much for watching and taking the time to comment, previously I had a buy cost of around £4. Now it’s gone up to close to £8 but higher margin items. Think I sold about 5000 items last year.
Hope you have a great day
Simon
Good evening, try to get away from the vat, very stressful!
Very stressful indeed, thanks for watching I appreciate it
Simon
Not at all click baity 💪
Thank you that means a lot 🙏
Hope you have a great week
Simon
Evening Simon
Great honest video
Did you ever think of splitting your business into two different accounts
And pay two lots of tax and accounting fees
You could get to £60.000 easy on each account with no vat problems
I think I would sack the eBay for a while
De register
Get a job
And re start again in the autumn
I know it hurts but they have you by the balls
If you start giving free postage/ returns etc eBay takes more again
It’s not worth the stress
Get a job and hustle after work
Or a seasonal job
The government wants everything
I know plenty who tried the vat and soon got out of it
Best of luck Clifford
Hi Clifford, sound advice as always.
Thank you I appreciate your input.
Have a great day
What about splitting your business into mens clothing on one store, then another Ebay shop for all other items you might pick up, run two businesses under the VAT Threshold, its such a double edged sword, im not sure how you make a living when VAT becomes part of your business
Good luck though, be great to see where you take it 😊
Thank you so much for watching and taking the time to comment, I will definitely speak to the account to see if this is possible
Hope you have a great weekend
Simon
Hello Simon. I had been concerned to not see new RUclips posts from you but now I understand why. I recently watched a technsports video. I know you are a member of that group but I just watch the RUclips videos. A long-term eBay seller on that video asserted that he would have to sell 1 million dollars to earn a median employee salary. I didn't feel that technsports rebuffed this. Did you watch that one? I wonder if you need to scale up from a one-man show as you need to extend your time finding more high quality and high profit items? I really do wish you improved fortunes in 2024. Very best wishes,Roger.
Hi Roger, thank you so much for watching and the great advise, yes I definitely watched Tech video about the costs, it was very informative.
I think there are quite a few a few differences between the UK and the US, but I’m still committed to make this work, don’t want to go back to the real world. Hope you have a great week.
Simon
I wish these guys would just quit already, instead of flooding RUclips with Debby downer videos
Thanks for taking the time to watch, I hope you have a fantastic day 👍
I watch your videos and enjoy them. I am wondering why you can’t survive on £96,000 a year ? Most people working earn around 25 - 40k and survive. I think you were advised wrong! Your figures are huge, nearly 100k a year!
Hi thanks for watching, sorry if I didn’t make it clear, £96k is my turnover not profit, I am definitely not part of the 1%.
I appreciate the comment
Simon
Thank you for replying.
As a previous sales manager. I would advise you to reduce your discount for repeat buyers. Also some of your marketing. You are already well established.
@@tokorirosting1688 hi I made about 40k
I'm in Australia, we have GST not vat. But U keep saying U can't claim Ur vat back in the flat for ur postage and other expenses. But I believe instead of claiming the vat back separate. U claim the whole amount as expense. Eg. Here in Australia expense $1.10. 10 cent GST and $1.00 that expense, if U over $75,000. If I can't claim GST I claim the whole amount as an expense. Really U not paying more. Except for the accountant. I ask for copies of the first few and study them. It not as hard as U think. Here, U can use a bookkeeper to prepare these statements for you, but U have to lodge them. Cheaper option. Mayb just get part-time job. Cheers Graham
Thanks for such great advice, I do agree there are things I can look into, some are quite different in the IK but I’m trying to learn and grow. Hope you have a great week and I appreciate your support
Simon
your making 85k turn over and can't afford the bills etc?
Take about 15% off for ebay fees 10-15% for postage, then cost of goods, mileage, stationary etc, that £85k soon dwindles down
it's not anywhere near 85k once you take off eBay fees cost of goods Shipping 20% TAX and the VAT he has to pay
Don't think postage is that much, theres ways of reducing the cost quite a bit if you can find the right source for packaging etc and doing own labels. And tbh I thought he was saying after fees thats his total. Even so 85k is a decent sum of money, not sure how it works out after fees but still better than the average UK salary I'm sure@@lynnedeegan4077
still more than the average UK salary I'm sure of it, if it wasn't it wouldn't be worth doing it@@Lisa-cj8cu
Hi thanks for watching and taking the time to comment, I’m currently paying close to 23% fees, plus postage, storage costs Fuel, Cost of goods ,packaging, Accountant fees, Corporation Tax, VAT, that’s just what I can think off the top of my head.
The £85k quickly disappears.
I don’t live a life of luxury (I would love to ) bills are getting more expensive each day.
Hope you have a fantastic day
Simon
Keep on it you should be very proud of yourself. Have you thought about Whatnot as you could clear some of your lower value items
Thanks for watching yes I have been approved for What Not just trying to get EBay rocking first then I’m all over it.
Hope you have a good day
Simon
sorry to hear this
what is your total profit for the year?
Hi thanks for the message, I am around the £40k ish mark
Have a great day Simon
I had to get a job s few times to boost my income ! eBay stopped being great in 3025 when they started promoted it killed reselling!
I retired early that allowed me to do ebay part time!!
That’s the dream retire and have eBay as a side hustle
Thanks for watching
Have a great week
Simon
Are you saying you can't survive financially on over £85000 a year even after vat ? Do you live in a castle?
Hi andrew thank you for watching. Just wanted to check I made myself clear my turnover was £96k that is not profit, I wish I was in a fortunate position. Maybe I need to do another video. Sorry if you didn’t understand,
I have to pay close to 24% eBay fees, VAT on the overall turnover, Account fees, Cost of goods, postage, Storage costs, packing materials, Corporation Tax, plus lots of other costs not mentioned.
Hope that helps and have a great day
Thanks for explaining, believe me I wasn't commenting to be an arse, I just like to think outside the box and outside of that box, I'm a huge believer in adapting, do you need an accounts person, can you find cheaper storage, can you source cheaper packing materials etc anyway keep up the good work, best regards Andy
@@andrewward4397 thanks Andy hope you have a great day Simon
Good video really well explained and helpful. Very annoying that that the tax is on revenue rather than profit, seems unfair when margins are on reselling are thin. Love the channel always interesting.
Thank you in so much for the kind words, it is another part of running a business, need to overcome and grow. Hope you have a great week
Simon
This just my opinion tecnsport became a successful business man then started youtube i enjoy your content but i feel youtube or ebay good luck
Very wise words, I definitely agree, get the business running smoothly then concentrate on other things.
Hope you have a great weekend
Simon
Great video but 85k surely you could live on that people live on less wish I was :( are you married with kids? I don’t understand how you can’t survive on that!!
Hi, that’s turnover I wish I earned that, I live off the profit .
Thank for watching
Simon
@@thegentlemanmarketeer sh yea I see, plus I see eBay are bringing in another fee in April 8 th they are just getting greedy now :( have you tried whatnot seems to be the in thing now ..
Real life Real Job Real World there aren't any pretend ones I'm sure you'd do whatever takes to pay bills. eBay seems on fire for people or dead atm Cost of living for everyone is hard for a good while yet I imagine
Thank you so much for taking the time to watch and comment I do appreciate it, yes I’m committed to do whatever it takes to make this work
Have a good weekend
Simon
i think you should keep doing it.
Thank you that means a lot, I do appreciate you watching and taking the time to comment
Hope you have a great day
Simon
I don't want to tell you break the law. But after the 85k you're effectively working for free. So you need to find a different income for that period.
Other than that, well done for reaching such a good turnover.
Thank you for watching and I appreciate the advice.
Definitely food for thought 🤔 have a great week
Simon
morning if you are interested i do have stock that i am willing to sell and do deals on at the moment i'm in process of moving house which has put everything on hold i don't have problem sourcing good clothes cheers tony
Hi Tony, Thank you so much for watching and the kind offer, happy to have a chat, ping me a message on instagram , simonsmith942
Kind regards Simon
I’m sorry but turning over 80k & just managing to paying bills? You might want to alter your lifestyle
Thank you for watching, unfortunately My turn over is over 80k unfortunately that’s not profit, I live on a very meagre wage and can get more in a job in the real world but I love working for myself.
Have a great day Simon
After taxes, overhead of buying items to sell and shipping cost and eBay costs. He might make 30-40k. So ya, that’s just barely getting by. He needs to double that 80k to make a normal living that is sustainable. He’s being real and makes sense.