Originally Posted by greedyboy

It will kill off the so called 'hobby seller' with 2000 listings

Will it though? From what I can see in the FAQS if you don't register as a business they just remove your PowerSeller status which really isn't a great loss.

I went to register but I have to agree to my seller fees to come out via Direct Debit.

Originally Posted by Jez

Will it though? From what I can see in the FAQS if you don't register as a business they just remove your PowerSeller status which really isn't a great loss.

They will make you register also if you are a high volume seller, regardless whether a powerseller or not.

Anyway there is no big deal if you have to register as a business seller. Or have I missed something?

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Originally Posted by greedyboy

They will make you register also if you are a high volume seller, regardless whether a powerseller or not.

Anyway there is no big deal if you have to register as a business seller. Or have I missed something?

The only thing that is delaying me, is that you have to have your ebay fees come out via Direct Debit. I've just setup my business account so want to transfer everything over to it and make sure I have funds available for when the first DD comes out. Should have it sorted by the end of next week.

I think the only people concerned about having to be registered will be those trying to avoid paying tax.

We have a business account and pay all of our fees via PayPal. What eBay require is that you set up the direct debit, should they need to deduct fees from your account. If you keep on top of them and pay them out of your PayPal balance, your account won't be debited.

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Likewise. i have always given every receipt (including paypal/ebay etc) to my accountants and they just do the rest. Each VAT quarter we get a P/L management report and our tax is done at the end of the financial year. We could do it in house and employ an accountant but I trust my accountant (and their partners) with my life (almost).

It is imperative in business to always use the very best accountants! Regardless of cost (within reason). They will save you so much money in the long term. If that is one tip I could give that would be it! (Along with a good solicitor).

So to manage your ebay fees etc, speak to a professional accountant, not a book keeper or an accounts package. From day one you need to set up your businesses the most tax efficient way. Even down to my will, it has been constructed in such a way by my solicitors that my legacy is distributed to my immediate family (Girlfriend and my Son) in the most tax efficient way possible. OK it costs money, but one day if you hit the jackpot (in business) you will begrudge paying 40% of it to the tax man.

There is no substitute! Believe me when you make a few quid, you want someone on you side when dealing with tax and the VAT man. When your business is ripped apart by the VAT man during an inspection, you need a good account there by your side (i just play dumb ).

Excuse my ramberling but I have had a liquid flowing meeting all evening and need to get tax issues of my chest! i will probably edit this post to one line in the morning. Now i am off to party

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I second what greedyboy has written. Also to add when choosing accountants make sure they work for you! At the end of the day you pay their fees. I made a mistake of choosing an accountant some years ago just cos they were nearby and they did my accounts at their pace and leisure even though we submit all the invoices, reciepts, shipping docs etc every month. I ended up with 3 penalties from companies house for late filing, a snotty letter from Inland Revenue saying my self assesment was late and others.

Now I have an accountant and their staff who is like an accounts department for my companies. I can ask on demand for management accounts as and when I need and it is promptly e-mailed direct to me. I am relatively free to get on with what i do best, and that's making some dosh!