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Do you have a proper bookkeeping system?alimohmand wrote:Hi Seniors,
I have query about my previous earnings. I am registered as sole trader with HMRC as well as employed.
I am trading on ebay for now around 7 months. I would like to claim earnings from my ebay trade. I have few queries I can show balance sheet including sales invoices etc via paypal but as in most cases instead of transferring the exact amount to my bank account, I have kept them in paypal for further purchases or paying suppliers.
My question is in terms of claiming previous earning, I am currently employed as well as running ebay.
My Salary from March 09 to Feb 10 is £18500 and my ebay revenue has been steady since July 09 to date my Gross turnover is £50k
In terms of showing proof of salary it is straight forward as I have original Payslips as well as supporting bank statements.
But in terms of claiming ebay income as mentioned I have not withdrew money from my paypal account but I do have a proof of monthly sales statement generated from Paypal as well as regular withdrawls sent to my bank account as and when needed.
Could you please advise what other sources can I show as evidence of income as self employed apart from an accountant letter.
Could please someone shed some light on my query.
Apologies if it is a long ended one.
Many thanks,
Ali
Well, your Balance Sheet will not show sales revenue, will it. But your Profit & Loss Account will.I have few queries I can show balance sheet including sales invoices etc
If you have all documents and proof of income then there should not be any problem. All you need is your PL, BS and sales summary prepapred by a qualified accountant.alimohmand wrote:Hi John,
Thanks for your response,
I am registered with HMRC since August 09. I have prepared my accounts showing my profit. In terms of profit based at 20% it comes around to £10k - any expenses etc which is £3k so my net profit for the said time period is £7k.
So in terms of requirement do I need to show:
1 - Profit and Loss account / balance sheet prepared by my
accountant.
2 - Paypal Statements showing Money Withdrawn from Paypal
account to my bank account.
3 - Bank Statement showing Money received from Paypal
Please advise.
Many Thanks,
Ali
Your PL, BS and sales summary and letter from your accountant will be enough. Your paypal statement will be useful to varify your sales summary so that will be considered as proof of sales but not earnings (because earnings are sales - expenses)alimohmand wrote:Hi Shiraz,
Thanks for your input, so far my net profit is around 7k£. I am also employed and my Salary to date is £18500.00 I need another 1.5k£ to meet the requirement.
Business is geniune as I have been selling on ebay for quite sometime though I have recently registered as Sole Trader as I am doing that pretty much full time with my permanent job.
Please advise in terms of 2 sources what shall I hand in?
Would Paypal statement be considered as proof of earning apart from Profit and Loss and BS.
My year end is also approaching in April Where, I d be filling for self assessment etc.
Look forward to hearing from you.
Many Thanks,
Ali