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  • Keeping records question

    Ive never been clear on a certain part of keeping a record of incomings outgoings.

    eg
    Item £10
    p+p £2

    total £12

    Do I record all the £12 as incoming then when I post it, record the £1.14 (for example)stamp as an outgoing.
    https://folksy.com/shops/GrimmExhibition


    http://poisonedapplecraftuk.blogspot.co.uk/

    Poisoned Apple Theatre - Handmade Crafts on Facebook

  • #2
    Originally posted by Seahorse View Post
    Ive never been clear on a certain part of keeping a record of incomings outgoings.

    eg
    Item £10
    p+p £2

    total £12

    Do I record all the £12 as incoming then when I post it, record the £1.14 (for example)stamp as an outgoing.
    That's what I do.
    Jayne


    "One must have chaos in oneself in order to give birth to a dancing star."

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    • #3
      Yep that's the right thing to do!
      Visit my Etsy store http://swirlyarts.etsy.com
      My daily thoughts! http://swirlyarts.blogspot.com
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      • #4
        Yep, I agree.

        Just think in two ways:

        1. Log whatever money comes in - from any source!
        2. Log whatever money goes out - for any kind of expense!

        Stick with that and your taxman will be pretty happy!

        Steve
        Handmade woodcrafts - relaunching soon.
        www.kipperworkshops.com[COLOR=Blue]
        Best range of wooden craft shapes and cutouts.[SIZE=2]

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        • #5
          Coolio, thanks.

          So when I get paid through paypal, I record the amount I take after paypal have taken their chunk of it?
          https://folksy.com/shops/GrimmExhibition


          http://poisonedapplecraftuk.blogspot.co.uk/

          Poisoned Apple Theatre - Handmade Crafts on Facebook

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          • #6
            Originally posted by Seahorse View Post
            Coolio, thanks.

            So when I get paid through paypal, I record the amount I take after paypal have taken their chunk of it?
            NO..

            You charge £100
            You pay tax on the £100

            You put against tax the banking charge e.g. £2.50 to paypal..
            .


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            • #7
              Not sure if I agree with this: Surely you only pay tax on PROFIT not INCOME, ie. if you charge £100 minus the £2.50 charge to Paypal, then your profit for that sale is only £97.50. You might then have other overheads that total say £50.00 (cost of materials etc.) which would drop your profit to £47.50. You would only pay income tax on the £47.50, not the original £100 selling price.

              To keep your records right in this case, you would show £100 as income and £2.50 as expenditure.


              Originally posted by 0103media View Post
              NO..

              You charge £100
              You pay tax on the £100

              You put against tax the banking charge e.g. £2.50 to paypal..

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