UK resellers: Learn how to master QuickBooks and dodge HMRC fines
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- Опубликовано: 15 янв 2024
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Hi mate, amazing video! Came here from Jon Luc’s vid (which was also great).
Do you have a video going into more details on the cash side of things for Carboot? I know you mentioned that you can add a receipt/transaction from an ATM withdrawal. However, I’m still a little confused. Eg if I withdraw £300, I assume this will show as a £300 expense. But I may only spend £200 that day. Would I then edit the £300 to show as £200?
Thank you!
Yeah I videos early on - showing how to deal with car boots etc :D
….same saw Jon Lucs video
Hi Aaron, I'm struggling to understand a lot of this and I'm having trouble following along. I have tried to add the ebay income to an ebay control account (still not entirely sure what this means) as shown but I get the error message "Select the account this money transfers from". I'm not sure what I'm doing wrong.
Hi thanks for video...can you tell me what app is or Web site for that quick book? Thank you
Hi thanks for the video understood most of it will have to watch it again,just one thing though,buying from car boots and no receipts how do i include that info, you mentioned taking photos. i have photos and prices i bought for, just undsure how to include these purchases ,thanks for being there for us.
No worries, include as an expense - super easy one the mobile app
Did you mean Jan 2024 deadline for SA submission business starting in oct 2022 @2min 52 seconds ? Thank yiu 🙏
Hi Aaron, my QuickBooks screen looks totally different. Is that because I have set up as an LTD company rather than sole trader? I'm not getting the same expenses category name titles and when I tried to connect my eBay account the payouts section didn't appear.
Thanks for your help Arron. So how many bank accounts should a person who sells on eBay have? I usually pay via one and receive via another and the video now mentions a 'holding account'. I appreciate I'm going to have to organise it a lot better and do my best to streamline it via one bank account for simplicity. Can you sync multiple bank accounts simultaneously?
As many as you need and yes you can sync multiple bank accounts
ebay control account - why does eBay make it so complicated?
Hi, in relation to a ltd company accounts. How do i account for cogs for the account period when using accural accounting? Tbanks!!
I have a video on ebay Stock - let me know if that answers your question
Hi Aaron, i started my reselling business end of last year and signed up to QBSE, but i saw from your video with jon luc that that's not really designed for ebay resellers. What package would you recommend please? Thanks
QB Online would be my recommendation
So we dont need to show every transaction on quickbooks from ebay?
I mean i am a limited company and just building my ebay store, im also VAT registered. So in essence i need to shop payouts only is it not?
Or because im VAT registered i need to show every transaction (every item sold)?
VAT reg you will need to show more details - but when not VAT reg you can get away with a more payout basis
Hi Aarron what version of quickbooks where you using on your video with the app to link to ebay please.
quickbooks self employed doesnt allow you to link account, so hes will be using any of the other versions above that
QuickBooks Online - as Fab says QuickBooks Self Employed doesn't support App (YET!!)
hey aaron ive tried to follow the video but everytime i try to reconcile my account if i move ebay payout to ebay control account it makes my reconcile down the exact amount the payout was i do have ebay set to payout weekley could this be a issue?
I would recommend you only sync the payouts if you are not VAT registered
How does online auction purchases work, lets say you buy pallets of random stuff and cant pin point the cost of goods per item, its just blind purchasing. Just input the total cost spent on that invoice as a cost of goods?
Yeah - add the total cost of the invoice and you are good
Hi, I think I signed up wrong somehow, mine looks different from yours, mine says self employed at the top where yours says accountant? Have I done something wrong?
You are using QBSE not QBO - I have a video on how QBSE can be used for resellers 👍
I’m a reseller for many years. My wife has started reselling too, sinilar things (clothing, im training her up 😄). Does us being married change anything? She has her own ebay account and her own bank account, but we are married and obvuously have the same address, and a separate joint account we use together etc. Can we both be separate sole traders? Or as she is doing it too, are we forced to be a partnership as married? Thanks.
No major change - rules are the same - no issues with 2 x sole traders
Anyone know?
‘Learn how to dodge taxes’…. Why is this sponsored by youtube?
Sell cross multiple accounts before hitting the threshold.
Why didnt the video start of with you introducing yourself andstatin your credentials, and as there is no disclaimer, *YOU ARE PRESENTING EVERYTHING SAID AS FINANCIAL ADVICE*
reported.
Nothing to report on - you can't use on multiple accounts before hitting the threshold - eBay will report against NI number and HMRC will add these together for a cumulative income
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