Ebay gum im stuck

Ebay gum im stuck

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we have a new client who came to us as a result of an HMRC investigation. it transpires that he has also been trading on ebay for 30 months. he does not have all the paperwork and has informed us that he can only go back so far on ebay to obtain summaries. does anyone know if that is correct or is there a way of persuading Ebay to give the client the paperwork. and one other thing he has not kept a proper record of the cost of items purchased so can we arrive at a profit using more recent data that he has kept re cost since we were appointed. we are talking about 700 items sold per month average SP £10

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By occca
20th Apr 2013 14:06

How was he paid?

Can you get bank / paypal statements showing what he received?

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By carnmores
20th Apr 2013 16:33

yes

we have these but they only show the net

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By John - Horler Tax
20th Apr 2013 17:42

A different avenue

 

Have you looked at his paypal statements, as well as his ebay ones?  I understand that these should be available for all periods.

You should be able to reconstuct most of his turnover that way.

 

 

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By carnmores
20th Apr 2013 18:50

thx
Its the ebay charges i need to sort out as close to vat threshold

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By John - Horler Tax
20th Apr 2013 19:08

Not sure

 

The paypal invoices will give you the gross receipts paid by paypal, then you can add on the receipts by other methods.  It is the easiest way to arrive at the gross receipts figure.

The ebay invoices are available for all periods.  Bankings plus ebay charges will understate turnover as paypal costs are deducted by paypal before any funds can be withdrawn.

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By Mouse007
21st Apr 2013 01:12

ebay fees not deducted

eBay fees are not deducted from payments, you get a monthly bill from them.

If winning bidder pays using paypal (not 100%), paypal deduct their transaction fee and the balance is available to transfer or spend (problem area).

The paypal transactions can be downloaded going back 2 years, so you might have difficulty with the fist 6 months.

While my eBay purchase history goes back to the beginning of 2011, I can not find a selling history.

 

 

 

 

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By occca
21st Apr 2013 08:06

Ask on the Ebay forums

They are normally very helpful

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