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Panicy money question!

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  • Panicy money question!

    As im sure we all know if you buy beads in bulk you can get a reduced price.
    Throughout my bead buying months I have bought beads in different quantities at different prices.
    How on earth do I then work out which beads I used from which batch and how much they cost, then how does that relate to/effect any information I have to give to the IR?!!!

    Am I making sense or babling nonsense?
    https://folksy.com/shops/GrimmExhibition


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

    Poisoned Apple Theatre - Handmade Crafts on Facebook

  • #2
    Unless you manually go back and check what batch of beads where used for what piece of jewellry and what price you paid for that batch, add it all up the only other thing I could suggest would be to take an average of all the beads bought and price the jewellry that way.

    The IR are only interested in what you make and what your expenditure is so just keep copies of all your invoices for your expenses and what you sell your jewellry for.

    I hope this helps. It is all I could think of. I had a huge job the other day. My supplier has went belly up so had to get a new one and refigure out my costs. Took me forever cause you need to take in everything and that includes delivery costs!!! My head was fair nipping I can tell you.

    All the best.
    Bowed Over
    Handmade Dog Collar Accessories
    www.bowedover.co.uk

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    • #3
      Originally posted by Seahorse View Post
      How on earth do I then work out which beads I used from which batch and how much they cost, then how does that relate to/effect any information I have to give to the IR?!!!

      Am I making sense or babling nonsense?

      From the day you start (the day your registered) you keep all reciepts...

      If you don't use the beads its dosen't matter as you bought them for your business..

      Lots of businesses make no money in the first year(s) as they expand and build up stock..

      Stock is offset against tax..
      .


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      • #4
        OK, I think!
        So I dont really need to find out the exact price of each bead as *I* would only need to do that for when Im trying to work out how much its costed me to make something, which then effects what I diecide to sell it for?!yay or nay?

        Eye-eye Cap'n.All receipts have been kept.
        https://folksy.com/shops/GrimmExhibition


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

        Poisoned Apple Theatre - Handmade Crafts on Facebook

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        • #5
          Aye that be right.

          It's fundamentally pretty simple as far the IR is concerned.
          Keep the receipts for all your purchases, keep the sales receipts for all your sales. That's all your money in and all your money out.

          The balance, in it's simplest form, is what the IR is concerned with. If it's above the taxable threshold you get taxed. They don't care what you buy and sell individual items for, that's more your concern for setting prices etc...

          I use a dead simple accounting software package called quickbooks. It is absolutely brilliant. From the day I started I have recorded everything in it. It can give you reports on your income, expenses, logs all your items, prints receipts etc... It will give you profit and loss, basic balance sheets and so on.. and the quickbooks simple is only £34.00 as a download for the simple version. There are more sophisticated versions if your business grows.
          Can't recommend it enough. I'd be lost without it.

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

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          • #6
            spot on...

            To manage your costs then look at the avg cost per bead for that type of bead.. something like that might help in "what to sell a item for"

            But imho the cost of a item should be its value and not really what the materials cost.. yes factor it in but its not to important.. (someone is going to shout me down for that comment)
            .


            Promote your craft site today : Add Your CRAFTS
            (£5.50 a month or £50 per year)

            Fun new blog: Snowboard Stuff

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            • #7
              Originally posted by 0103media View Post

              But imho the cost of a item should be its value and not really what the materials cost.. yes factor it in but its not to important.. (someone is going to shout me down for that comment)
              I hope that means selling my stuff for more than the prices Ive put on them!!Im hardly making any profit on some.

              Thank you all for the info btw.
              https://folksy.com/shops/GrimmExhibition


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

              Poisoned Apple Theatre - Handmade Crafts on Facebook

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              • #8
                Another annoying question.

                I started to solder craft things for fun and decided to buy an £80 soldering iron as the cheaper ones were naff.
                A year later I decide to start to sell stuff that I solder.Can this iron be claimed as a business thing?
                I have the receipt and I also have a Barclays business pack dated before I bought the iron which kinda prooves I was thinking about business before I bought the iron.
                https://folksy.com/shops/GrimmExhibition


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

                Poisoned Apple Theatre - Handmade Crafts on Facebook

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                • #9
                  no sorry..

                  Its worth registering as soon as you can...

                  You can offset depreciation but doubt thats worth it..





                  Originally posted by Seahorse View Post
                  Another annoying question.

                  I started to solder craft things for fun and decided to buy an £80 soldering iron as the cheaper ones were naff.
                  A year later I decide to start to sell stuff that I solder.Can this iron be claimed as a business thing?
                  I have the receipt and I also have a Barclays business pack dated before I bought the iron which kinda prooves I was thinking about business before I bought the iron.
                  .


                  Promote your craft site today : Add Your CRAFTS
                  (£5.50 a month or £50 per year)

                  Fun new blog: Snowboard Stuff

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                  • #10
                    Fair enough, thanks.

                    Looked into the business account side of things, they need a form of ID which can include firearm certificates or shotgun licence!!!
                    https://folksy.com/shops/GrimmExhibition


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

                    Poisoned Apple Theatre - Handmade Crafts on Facebook

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                    • #11
                      Originally posted by Seahorse View Post
                      Fair enough, thanks.

                      Looked into the business account side of things, they need a form of ID which can include firearm certificates or shotgun licence!!!
                      And do you hold a stash of firearms then!!!!!
                      Bowed Over
                      Handmade Dog Collar Accessories
                      www.bowedover.co.uk

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                      • #12
                        Originally posted by candles by lisa View Post
                        And do you hold a stash of firearms then!!!!!
                        hehe, it made me laugh, if i had a firearms certificate I was tempted to go into the bank with a balaclava on!!
                        Its so ironic, I can picture a bank robber going in with a form for a business account to become a professional bank robber and the look on the cashiers face as he hands over a shotgun licence as a form of ID!!!
                        https://folksy.com/shops/GrimmExhibition


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

                        Poisoned Apple Theatre - Handmade Crafts on Facebook

                        Comment


                        • #13
                          Am I being thick?!!
                          Re the IR tax form.Can I only include things ive bought to make jewellery, since the date of registering?As Ive not yet registered but spent a small fortune on stock!
                          https://folksy.com/shops/GrimmExhibition


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

                          Poisoned Apple Theatre - Handmade Crafts on Facebook

                          Comment


                          • #14
                            Originally posted by Seahorse View Post
                            Am I being thick?!!
                            Re the IR tax form.Can I only include things ive bought to make jewellery, since the date of registering?As Ive not yet registered but spent a small fortune on stock!
                            phone now and register today - 2months..
                            .


                            Promote your craft site today : Add Your CRAFTS
                            (£5.50 a month or £50 per year)

                            Fun new blog: Snowboard Stuff

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                            • #15
                              Il send the form off at the weekend, what does the 2 months thingy mean?
                              https://folksy.com/shops/GrimmExhibition


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

                              Poisoned Apple Theatre - Handmade Crafts on Facebook

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