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Me, The Taxman and My Friendly Local Accountant
publication date: Nov 14, 2008
Hi, If you're anything like me you probably buy stuff, sling the receipts, then years later you have drawers and cupboards packed with unwanted clothes and collectibles, books and toys, jewellery and much more besides. With so many items in my own collection and nowhere to store them, I decided to narrow my collecting area down to County Durham only, and get rid of all those Northumberland, Cumbrian and Yorkshire views. I'd sell these items at flea markets and collectors' fairs and at that time I knew exactly how much I'd paid for my own collection because most postcards, then and now, are pencil priced on the back. But I had no receipts as such, well people at boot sales and flea markets don't do receipts do they? Not those I knew at any rate. So I phoned the taxman and asked how to address the problem of making possible profits on my own collection alongside items purchased specifically to resell. The taxman told me the best way to approach the situation is to keep separate records for private and business goods and to calculate how much I actually paid, where known, for personal goods, in my case from those penciled prices. At end of year, he told me, enter cost of personal and business stock separately as outgoings in my tax returns. Keep proceeds from sales in individual accounts and list them separately on tax returns as earned income. That was easy, and it worked, until recently when I decided I might one day want to part with other items I've collected which don't have prices pencilled on the back, the reason being I bought them from flea market sellers (you know, they don't give receipts) and most were the result of haggling on big bundle lots, all unpriced. I have literally thousands of postcards in my own collection including some I'm not fussed about keeping. But I have no idea how much they are worth, so, unlike those earlier times I can't calculate value to enter a realistic price for stock on my tax returns. So I phoned my accountant and asked what other people do when they sell the children's cast offs and bikes, unwanted furniture, old books and paintings, as part of a traditional business, in a second hand shop for example, or on eBay.
He said the only way to do it is to make a good guess at how much those items originally cost and keep a list of every item being sold alongside your guesstimate purchase price. Sell those items on eBay and keep a note of which items sold and how much they made. Yes, I know, it's starting to look time-consuming and messy but it will keep you in the taxman's good books and that’s something we should all be doing. At tax time you should enter takings from personal goods separately from traditional business profits and enter the prices you paid for those items as separate outgoings. Above all, my accountant says, keep the list somewhere safe in case the taxman wants to see it later and if you have an accountant give him or her a copy when you submit your annual accounts.
Those rules should suit you also, and it really does pay to keep careful accounts just in case the taxman ever questions your returns. There may also be allowances under capital gains rules for sales of personal items which are best discussed with your accountant or local tax office. Happy eBaying! Avril ********************************************** Drop Ship Sources - How to Earn Money Out of Thin Air by Hans Betrell Wouldn't it be great if you could find a way to earn money out of thin air with no upfront financial investment and very little work? I know it sounds too good to be true, but it really is possible if you take the time to find drop ship sources that will work with you. The idea behind this is so easy that anyone can be successful. First, you need to find drop ship sources. There are many companies out there that offer this service to you. You just need to know what kind of product you want to sell, and find a company that's willing to provide it.
Then you simply list the items you want to sell online. There are a variety of sites like Amazon and eBay that will allow you to list all kinds of products for sale. If you're particularly web savvy you might consider setting up your own web page. You can even advertise your product in local stores or localized message board sites. When an item sells, the money and order will come directly to you. You'll then take your profit and send the remaining money and order on to the drop ship company. They'll go through the hassle of packaging and shipping your order for you. Some can even offer customized return labels so that your customers will have no idea you're not shipping their products directly. You can see that this really is a way to earn money out of thin air. It's as simple as finding good drop ship sources and marketing your products effectively. If you need money now, like I mean in the next 10 minutes, try what I did. I now am making more money than in my old business and you can too. If you want to learn how to invest a few hundred dollars and double it before you go to bed tonight, click now to read a remarkable "Rags to riches" story - Free! Go to: http://www.quickest-way-to-make-money-on earth.com/index.html
********************************************** eBay Vs Amazon Marketplace - Which is the Better & Easier Choice For Earning Extra Money Online? by Elisabeth Kuhn Some people love eBay, and some have been shopping at Amazon.com Marketplace for years. But which one is better for making money? Well... It depends. We all know that eBay is a great place to turn the most obscure stuff into cash. But it takes work, and sometimes, it takes a heck of a lot of work. You have to take pictures, upload them, write an enticing description, and on and on. And once you turn the button to make your listing go live, the work has barely started. After all, you have to be on call to answer questions... And at least I find myself glued to the screen to watch the progress of my item in real time. And all that work for sometimes just a few bucks, if that. Compare that with Amazon.com Marketplace. You find the listing for your book, you click on 'Have one to sell?' and voila. You’ll be guided through a simple few questions, mostly dealing with classifying your item by quality, writing a one-sentence description of its condition, deciding on a price shipping options, and you're done. Amazon will do all the advertising for you. No need to upload photos, or even take them. No need for seductive copywriting fireworks. It's all done already. And you won't even have to think of your book again until 60 days are up, at which time you have the option to renew it with the click of a button, or until someone buys it. So does it look like Amazon.com is the better deal? It depends, once again. eBay charges listing fees. Amazon.com does not. But once the book sells, Amazon takes a big bite out of the profits. eBay does too, but the eBay bite is a lot smaller. Pros for Amazon: No upfront fees. No complications during the listing process. Basically maintenance free until the item sells. Cons for Amazon: Sometimes it can take a long time, even years, until an item sells. There are ways to cut that short, but basically, you better have some room for your books to hang out until it's time to send them to their new owners. Pros for eBay: If your item sells, it sells within days, unless you have an eBay store, in which case your listings will work much like they do on Amazon.com, but without the built-in detailed product description page. Plus you can sell pretty much anything you want. Amazon limits you to things it has in its catalog, unless you're a Pro Vendor. Cons for eBay: A lot of upfront work. Listing fees. And sometimes rock bottom prices. After all, people go to eBay to find bargains. So which one should you use? Personally, I use both! And no, that’s not a cop-out. There simply are things that are better suited for one or the other. Mostly, I sell my books and media stuff on Amazon, and my trinkets on eBay. What's right for you will depend on what exactly you plan on selling. If you make the right choice for each item, however, you may well be able to reduce your workload and maximize your profits. If you want to find out more about how to make the most of selling on Amazon.com's Marketplace, check out Elisabeth Kuhn's new report, Amazon.com Marketplace Strategies, at: http://www.sellyourstuffatamazon.com ********************************************** Proper Way Of Making Money With Private Label Rights by P.J. Germain When you buy a product with rights to resale, you only will have the authority to sell such product to others. However, when you buy a certain product with private label rights, then you not only have the authority to sell such product to others but also you will have the alternative in selling the 'resale right' for that same product. This means that certain individuals who bought from you the 'resale rights' of that certain product in which you own the 'master resale rights' will therefore get hold of the authority to sell such products to others. Purchasing 'PLR' (private label rights) packages is inexpensive when compared to employing the service of a "ghost writer" to write articles or ebooks for you. On average, PLR articles costs between 10 - 20 centavos per piece, while a ghostwriter generally charges from $10 - $30 for one good quality article. Normally you can modify or revise the article's content in whatever way you desire. For instance, when you purchased a package of say 30 articles on the subject of 'Landscaping', you can construct an original eBook out of all 30 articles and call it 'Lisa's 30 Quick Tips For Landscaping' and then sell it online, usually through ClickBank. You can also sell your very own eBook on eBay then produce affiliate sales or even lead traffic or prospects to your website through links inside your book. If the PLR package you purchased came in an eBook format already, you can separate the entire book into separate individual articles, where each article can be posted in your website, get spidered by search engines and bring more traffic. Likewise, you can use each articles' first paragraph in an autoresponder follow-up series then incorporate a link directing
prospects to the full article located in your website. Or put together two articles to create a special report that you can use as motivation or incentive so prospects will enroll for a newsletter. Here are more ideas for making money with private label rights: 1. Construct articles that will be displayed for your site. Affix your byline or resource box to all articles then publish them. Permit visitors to 'republish' your articles in exchange for publishing also your 'resource box' in their site. This will spread your advertisement over the web at the same time increase your ‘link popularity’. 2. Make ezine articles. Affix your byline or resource box to your articles then publish and distribute in your ezine. Announce that your articles can be republished if your subscribers will publish your 'resource box'. Aside from the fact that this will spread your advertisement as well as increase link popularity, this can also improve your 'pagerank'. 3. Offer PLR articles as free bonuses. This will increase your products’ perceived value and encourage prospects to purchase your products. 4. Offer PLR articles as bonuses for opt-in list. It will entice visitors to sign up for your email list. 5. Create your very own original information products. Modify or rewrite the articles so to create a completely different article, include yourself as the author. 6. Create completely new articles to submit to ezine article directories. 7. Create and then trade your content with different websites. Affix your byline or resource box and then trade them with many high traffic sites. 8. Make articles out of your PRL articles and then promote other person’s products. Affix your byline or resource box to promote an affiliate program. 9. Make promotional content for your affiliates. With your byline or resource box, permit your affiliates to incorporate their affiliate link to your articles. 10. Construct whole new original info-products then sell also resale rights. Almost all PLR packages are controlled to only a certain quantity of buyers; so there is no worry that your material will show up 3 million times over on Google. Having the authority to rewrite, modify or alter the PLR articles indicate that your article is entirely different from everyone else's who purchases and repackages that same article or material. Before purchasing any PLR package, you must read carefully the terms and make certain that you will have authority to rewrite, alter, delete or cut the content in whatever way you want it and affix your name unto your new article. |
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