Amazon Reselling, Blogging, eBay Reselling, Everything Else, Freelancing, Selling Lego

I’ve been submitting a self assessment tax return for over five years now. At a time it was a rather daunting task for 20-something however, thanks to new cloud software such as Xero this process has been made simple and straight forward. While my tax affairs have become more complicated in recent years forcing me to hire an accountant.

 

For a long time I committed to becoming a ‘Jack of all trades’ and saved myself some serious cash by doing so. April marks the end of the tax year once again, which is exactly why I want to share with you the very basics of a self assessment tax return. I hope that by doing so I can help you to save time, money and hassle.  

Who Needs To Complete A Self Assessment Tax Return?

Not everyone needs to complete a tax return. The majority of UK tax payers have their tax collected at source through the Pay as You Earn Scheme. This is where employers run a payroll scheme that deducts the correct amount of tax and national insurance each month.

 

The employer is then legally obliged to pay this amount over to HMRC every month or every three months depending upon their size. There are however many reasons as to why 7 million people in the UK need to submit a self assessment tax return to HMRC.

 

Below are the most common;

 

Income above £2,500 from Land or Property

 

Company Director or If you are self employed

 

Income from a pension and a salary 40% income tax payer and have savings income

 

Receive an income from investments that are not taxed at source.

 

Income from foreign sources Income subject to capital gains tax

 

Just remember this is just a few examples. If you are unsure as to whether or not you should be completing a self assessment contact HMRC directly.

 

When Does The Tax Year Start? And End?

The tax year runs from the 6th April until the 5th April each year.  

When Do I Have To Submit My Tax Return?

I believe the deadline is very generous. HMRC give you until 31st January to submit and pay your return. That’s around 10 months!

 

Yet many still fail to meet that deadline and by doing so receive penalties for doing so. Many of us also leave it to the last minute. Causing unnecessary stress and running the risk of being unable to submit the return on time.

Save yourself from this self assessment embarrassment  

How Much Does Submitting A Self Assessment Cost?

If you’re willing to put in the graft and do all the work, record keeping and mathematics yourself then submitting your self assessment tax return to HMRC is totally free. However, remember time is money and it’s often all about finding the best of both worlds.

 

You can outsource your self assessment return entirely to a bookkeeper or accountant. This could cost anything from £300+ per year. It’s entirely dependent on the accountant you choose and your personal circumstances.

 

However, I found the middle ground for myself was using the cloud based accounting platform Xero. It cost less money than an accountant, but also required less work than doing the entire thing myself. Time vs Money for me personally it was a winner!

 

Where Can I Learn More About Self Assessment?

I remember when I first went into the world of self employment. It was a first for anyone in my family, and being young at times I found it confusing and hard to understand. HMRC knows this is often the case regardless of your situation which is why they host regular webinars.

 

Just remember that if you’re confused or for whatever reason don’t understand you should always contact an accountant or HMRC directly. They’ll be able to tailor the answer to your particular circumstances, ensuring that you’re always submitting your self assessment forms correctly.   I hope this latest post has given you some insight into submitting your own self assessment tax form.

 

The most important thing to remember is to complete your form as early as possible, and keep on-top of your record keeping. This is going to really reduce the time it’s going to take you to complete your return whether you choose to use an accountant, cloud based accounting services or do it yourself.

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eBay Reselling
 Today I'm joined by Emma Drew from EmmaDrew.info. This year her and her husband have taken up reselling on eBay. I'm excited to have her share five things she's learnt during her first month with you today

Today I’m joined by Emma from EmmaDrew.Info. After seeing the thriving reselling community here in the UK Emma and her husband followed in our footsteps. They’ve set out to diversify their income by selling on eBay. I was eager to find out what Emma learnt in her first month on eBay and asked her if she would share it today.

 

Inspired by the reselling community (I’m sure you have seen Cora and Helen’s videos!), my husband and I have decided that 2017 is the year that we try our hand at eBay reselling. We started in January and we learned a lot during our first month.

 

If you aren’t sure what eBay reselling is, it is where you purchase an item (usually from a charity shop, car boot sale or auction, although there are plenty of other places where you can source your items from) and resell it for a higher fee.

 

Here are 5 things we learned in our first month of eBay reselling.

 

You need a business account on eBay

This seems really obvious, but a lot of people don’t know it. You must have a business account on eBay if you are selling items that you have purchased specifically to resell. You have two options here – you can either convert your existing eBay account into a business account, or you can start a new account from scratch. We decided to start a new account from scratch, since neither of us wanted to let go of our personal eBay accounts.

 

A business account is different to a shop, and you don’t need to open an eBay shop, although you might find it really beneficial to open one. We have opened a shop because it is much cheaper than paying listing fees for every listing, although this might depend on your circumstances.

 

Don’t forget that you will also need to register with HMRC to complete an annual tax return and pay any taxes owed.

 

There are some rules on eBay that go alongside having a business account – your address will be displayed on your listings (more about this in a moment) and you have to accept returns in order to comply with the Distance Selling Regulations.

 

You are restricted to how many items you can list

In order to protect buyers, eBay place restrictions on new accounts and these restrictions also apply to new business accounts.

 

In our case, we were limited to 100 listings per month. It didn’t impact us within the very first month where we focused a lot more on sourcing, however, once you have some sales history and feedback, it is pretty easy to get this increased.

 

As a business eBay seller, you will have access to someone at the end of a phone who can look to increase the restriction. You can find out more about eBay’s listing restrictions here. It took us about 20 minutes on the phone to get our listings increased to 350 a month, and we can look to increase this again next month, based on our selling performance.

 

If you are converting your personal eBay accounts into a business account, and you have sold items in the past with positive feedback then your account is less likely to be restricted.

 

Your address appears on the listings

Part of the rules surrounding eBay business accounts is that you need to display your address on your eBay listings.

 

Surprisingly, you can’t even use a PO Box. If you are really concerned about this then you can consider getting a virtual office, however, the majority of the time it isn’t an issue. I asked some UK resellers if they had ever had any issues with displaying their addresses on listings, and two points were raised.

 

One was when a buyer turned up unannounced to collect their purchase, and someone else raised concerns about putting your eBay shop on holiday with your address shown might be a bit dodgy.

 

Sourcing is hard work

When you watch reselling hauls on YouTube you don’t quite appreciate how much hard work goes into sourcing. It took us a lot of trial and error to find out where the decent places to go are, and the places that are just rubbish.  In our first month we travelled over 250 miles to source items, and a lot of the places are now struck off our list.

 

As well as travelling and scouring charity shops, auctions and car boot sales, we have also spent a lot of time trawling Facebook selling groups and eBay itself for items to purchase.

 

This is before mentioning how grubby it can be! I carry hand sanitiser with me everywhere I go now, because after a good rummage I always feel dirty!

 

Fees and postage add up

I’m not new to selling on eBay, and yet the fees can be really off putting at times. For example, we bought an item for £2 and sold it for £62.99. Our overall profit was then just £50 after we paid for postage, listing fees, final fees and Paypal fees.

 

It means that when we are sourcing items, we need to remember to account for these fees. There is still plenty of profit to be made, so don’t be put off, but do be aware of them.

 

So there you have it, 5 things I learned in my first month of eBay reselling. If you are interested in keeping up to date with how we progress, we have a dedicated eBay reselling Instagram account, we do haul videos on YouTube and I also produce a reselling monthly report.

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Amazon Reselling, Blogging, eBay Reselling, Everything Else, Freelancing, Selling Lego


I've been using Xero as my cloud based accounting platform of choice for the past four years now, and heres why.

Xero is a beautiful, easy-to-use online accounting software designed for small businesses. I have personally been using the software since January 2015 when I ventured into a world I knew very little about – self employment.

  

Since then it’s allowed me to understand the financial situation of my business, save time, save money and plan accordingly for the future. I can’t recommend it enough (which is why you’ll often see me go on about it in Facebook groups & on Youtube hangouts)



I therefore decided it was long-over due that I dedicate an entire post to a Xero review. Explaining exactly why I use Xero for my cloud based accounting. Clearly, I’m not the only fan of Xero as their community is made up of more than 862,000 subscribers in over 180 countries. 

 

Accounts

In this Xero review I’m going to start with perhaps one of the most basic and yet profound features this online accounting service offers. It’s ability to be able to link my bank and credit cards as well as my PayPal account. Updating them all in Xero in real time.

 

No more logging in to check all of your business bank accounts. Load Xero up and you can be assured that all your accounts are completely up-to-date. I can see the overall financial possition of my business on one screen – not a calculator or spreadsheet in sight!

 

To link Xero together with your bank account is as simple as logging into your online banking. No more wasting your time writing down your expenses or exporting and importing CSV files. With Xero your income and outgoings are right there in front of you.

 

The reconciliation Xero offers also allows you to create ‘rules’ allowing you to select what certain transactions should be catagorised into. This not only saves you time but reduces the risk of human errors. 

 

Integration 

If the ability to work together with your bank wasn’t enough maybe the integration with almost 500 different applications might be. In this section of my Xero review I’m going to be talking about everything from SqaureSpace to Shopify and Gusto to Debtor Daddy (and everything in between!)

 

All this is designed to allow you to customise your Xero experience exactly to your businesses needs. Giving your the opportunity to connect with other time saving applications from advanced solutions for point-of-sale, time tracking, e-commerce and more!

 

Support

Aged just 20 I began my life as a self-employed entrepreneur. I knew very little about accounting, taxes and everything in between. When I got set up on Xero I had questions;

 

Why does this do this?

 

Why isn’t this doing that?

 

Am I doing this right?

 

If like me you’ve never done this before it’s super overwhelming and confusing. Luckily Xero’s support team was here to help every step of the way. I’m not just talking about being there for the few weeks where I was getting set up.

 

Just recently my business became a limited company, I was back to square one with one-million and one questions, again Xero’s amazing team was here to help… best of all it was quick, free and the amount of support they provide is unlimited.

 

Mobile

Xero also comes complete with a mobile application. This mobile application allows you to view your businesses financial situation whilst on the go or out and about.

 

It’s made all the difference when I find a business opportunity whilst on the road allowing me to see exactly how much I can afford to invest without restricting my business further.

 

Cost

When starting up a new business we all know how important it is to save money wherever possible. I wanted to be in full control of my financial situation. I didn’t want to hand everything over to an accountant who wanted to charge me £150 a month for the privilidge. 

 

Instead I opted for one of Xero’s three price plans;

 

Starter – £10 per month Ideal for bloggers or those who are just starting out.

 

This allows you to reconcile 20 transactions a month. Enter 5 bills Send 5 invoices

 

Standard – £22 per month My personal choice and more than enough for most small-businesses.

 

Reconcile unlimited transactions Enter unlimited transactions Send unlimited invoices

 

Premium – £27.50 per month If you conduct transactions in a currency other than your local (UK – GBP / US – USD)

 

Everything standard offers plus multi-currency transactions. Take Xero up on their 30-day free trial to find out which service might suit your needs best.

 

Bookkeepers & Accountants

As your business grows and your needs change you may find yourself needing some further accounting assistance in the form of a bookkeeper or an accountant.

 

What’s great is that with Xero being a cloud based platform your person of choice can access your books at any time. You are also able to keep in full control of your financial situation and make decisions accordingly.

 

If you think finding someone with the knowledge and experience who is also a Xero professional is going to be tough, think again. Xero have created this fantastic interactive tool to find the best person for the job, local to you.

 

Security

The final part of my Xero review is dedicated to security. Afterall, your handing over very sensitive information in regards to your business. Which means security has to be tight… and it is. Xero’s platform is run with a secure SSL encryption. SSL encryption is the exact same as what your bank uses, so with security as tight as your bank. You can be sure you’re sensative information is in safe hands.

 

I do hope you enjoyed this Xero review. If you’re still unsure then be sure to take them up on their 30 day free trial to find out if they are right for you. If you go ahead and sign up then be sure to let me know in the comments.

3

eBay Reselling, Life

According to Asos Marketplace, the average female customer has almost £1,000 worth of clothing sitting in their wardrobe that they’ve not worn in over a year. After all, you can only wear one outfit at a time, right?

 

Imagine selling your unwanted clothes for cash to the sum of £1,000. What would £1,000 mean to you? or is it simply an added benefit of having cleaner and clearer wardrobe.

 

One of the very first things I did in my quest for minimalism was create a minimalist wardrobe. It’s super simple and very empowering. However, what do you do with all those leftover clothes?

 

Well with an estimated £1,000 in cash just hanging there it’s probably time to learn how to sell your unwanted clothes for cash.

Believe it or not, when I first cleared out my wardrobe I gave everything to charity or the rag bank. I couldn’t imagine that someone would want my old Jack Wills shirt or Super Dry jacket. Almost three years on and Helen and I do that very thing for a side hustle (how times change). So, let me share with you how to sell your clothes for cash…

 

Carboot Sale

Probably the easiest and quickest way to sell your unwanted clothing for cash is at your local car boot sale. However, easiest and quickest means that you’ll be lucky to get more than £1 per item. Fine if you’ve items from the likes of H&M and Primark, but not if you’ve some real designer gems to sell.

 

Car boot sales can be tough, be prepared for people to haggle with you on your prices (regardless of how low they are to start). If you’ve not been to a car boot sale before then bring a friend along, perhaps share the experience together.


How to sell your unwanted clothes for cash 

The best way to sell clothes at a car boot is on a clothes rail. Simply dumping them on a table or on a sheet on the floor isn’t going to add to the appeal or make it easy for people to browse. Have set prices in your head or write them on an A4 piece of paper – and make it simple (£1 for shirts, £2 for trousers etc…)

 

It’s unlikely you’re going to get rid of everything at one car boot, so think ahead about what you’re going to do with the remaining items – perhaps donate to charity?

 

eBay

eBay is very, very different to selling at a car boot. The person who’s purchasing your item can’t hold it, can’t feel it, and can’t admire it from every angle. Because of this, it’s important to take a good look at all your items.

 

If they’ve major signs of wearing, rips, tears, stains etc. Then you’re going to have to make a decision to either list and highlight (and highlight well) or sell / dispose of elsewhere. Ask yourself “Would I be happy to receive this item?”

 

Don’t be put off by brands. We’ve sold items from H&M and Primark for more than RRP, so list anything and everything. You’ll probably be surprised at what things go for.

 

Next up, photographs. Remember that age old saying – ‘Pictures speak a thousand words’

 

That’s not to say ignore the title & description entirely. However, one photograph of a crinkled up t-shirt probably isn’t going to sell it.

 

Instead, iron your clothes. Look at how others have displayed and photographed their items and take multiple photos. You’re allowed up to twelve photos per listing as part of any eBay listing – make use of each and ever single one of them.

 

Finally, be sure to title your item appropriately. Think about what people will search for to find your item and use that in the title – it’s no good having 12 amazing photos if you’re items not showing up in search results.

 

Shpock

Shpock labels itself as the online car boot sale app. At first, I wasn’t convinced but over the course of the past six months or so I’ve used Shpock to buy and sell a number of items including clothing.

 

It doesn’t cost anything to list your items on Shpock and they don’t take a commission on any sales. Instead, they profit using small adverts and upsells on the application and website.

 

Shpock mainly connects local buyers and sellers so the person you sell to is likely going to come and collect the item from your home.

 

Much like eBay, photo’s matter. People, aren’t going to physically see the item until they come and collect so you want to impress the buyer.

 

Voucher Exchange

This isn’t selling… well… not exactly but hear me out.

 

Earlier this year both Marks and Spencers and H&M launched initiatives to get you to recycle your old clothing.

 

H and M

Take any bag of unwanted clothing into an H&M shop and you’ll be given a £5 voucher to spend. None of the items you trade in need to be of the H&M brand. There’s a £25 minimum spend with the voucher.

 

Marks and Spencers

Take any bag of unwanted clothing into a Marks and Spencers shop and get a £5 voucher to spend on clothing, home or beauty. One item must be labelled M&S and you must use this voucher in the same month.

 

So, what’s that got to do with selling? Well, it’s not. It’s more repurposing.

 

Instead of using the voucher to buy yourself new clothes. Use it instead to buy gifts for upcoming birthdays or Christmas.

 

Rag & Bone Man

I can’t help but feel that this article wouldn’t be complete without a mention of the rag & bone man. More commonly in the clothes industry, these are now known as clothes for cash companies, and there are hundreds of them.

 

Using the internet you should be able to find either a local pop-up shop to drop your clothes off or arrange a collection using an online service.

 

This is really a last resort for any clothes for cash programme as you’re likely to get as little as £0.50 per kilo.

 

If you liked this post, then I’m sure you’ll love reading about how I bought no clothing items for an entire year back in 2015. It changed my life more than I can ever explain and is well worth a read if de-cluttering and simplifying your life.

2

eBay Reselling
10 things from your home to sell for cash. This includes everything from the simples stuff such as DVDs and Games right through to the weird and wonderful things such as toilet roll cardboard tubes.

I’m a fully fledged minimalist. I simply can’t cope with clutter in my life. Whilst I’m not saying that everyone has to live like a minimalist. We all have stuff that we could live without, that we don’t need or no longer use. It’s not shameful, more often than not an item has simply run its course.

 

It was only when I recently started reselling on eBay that I really began to understand the value of household items that myself and many others would usually throw away.

 

Think about that for a moment… Throwing items that people would buy is quite literally throwing money away.

 

I’ve created a list of the top 10 Household Items To Flip For Cash on eBay in the hope of inspiring to clear out and sell rather than clear out and throw away.

 

1. Books

Whether it be fiction, self-help, textbooks. Every book has a price, regardless of the genre or age it’s worth something to someone.

 

If you’ve got a bundle of books from a particular author, series or course then look at selling them together in a bundle. If you’ve got course books the put flyers up on notice boards around your school or college (with permission) speak to tutors who might be able to find someone of interest willing to buy them from you.


Books is just one household items to flip for cash on eBay
 

Finally, for all the books you find aren’t worth more than £1 or £2 on eBay. Scan them into a rag service such as Music Magpie or We Buy Books, they sort out the postage for you and will send the money via direct debit as soon as the books have arrived.

 

2. DVDs

We’re moving to a digital media age, with streaming services slowly taking over it’s no wonder you’ve found yourself with DVD’s you don’t watch or need.

 

Despite all of this DVD’s are still a popular product on the second-hand market. Much like the books you want to look at bundling together particular series such as Disney DVD’s or Children’s DVD’s.

 

If you don’t want to trade these into sites like Music Magpie or We Buy Books like your books then you could take them into your local CEX who will exchange your unwanted DVD’s for cash on the spot.

 

3. CDs

There’s no denying it – The CD market is long gone. Streaming services such as Spotify and Amazon Music are here to stay.

 

So, if you’re looking to part with them unwanted CDs that you’ve not played for some time now, then now is the time to do so. Much like the Books and DVDs you’re going to want to look at either selling them individually on sites like eBay – this is particularly worth doing if you’ve special editions or promos (these can go for anything from £1 – £1,000 depending on the band and how rare the promo is)

 

If that’s a bust then you’re going to want to look at sites like Music Magpie or We Buy Books. Much like the DVDs if you’re looking for cash on the spot nip down to your local CEX.

 

4. Clothes

Without a doubt, second-hand clothing was the item that surprised me most within the reselling market. I simply couldn’t understand it because I’d never bought second-hand clothes myself.

 

Clothes are so cheap now, I couldn’t understand why anyone would buy them second hand.


Second hand clothing is a great set of household items to flip for cash on eBay 

Before long I wasn’t just buying and selling second-hand clothes, I was wearing them too!

 

Helen and I both cleared out our wardrobes, not just of those designer items but of items from stores such as Primark, H&M, River Island etc. Don’t be put off by the brand. Whilst you are likely to get more for a Ralph Lauren shirt than you are a River Island one you’ll be able to sell both for cash regardless.

 

When clearing out clothes I usually stick to a six-month rule. If I’ve not worn it in six months it’s time to go!

 

5. Electronics & Appliances

Big or small, working or faulty the market for electronics and appliances is huge!

 

When we sold our house we decided to sell our toaster and kettle. They wouldn’t fit in with the decor of our new house and we simply weren’t using them. These were items that I never thought we’d be able to sell, but we took them to a local car boot sale and we sold them – and we’re £20 richer for it too!

 

If your items are faulty then remember to share that with the buyer, that will only put a percentage of people off from buying your item. Instead, others will be interested in either repairing the item or using your item for spares to repair one they’ve got that’s broken.

 

You may think the item is too old or too worn, but that’s nothing to worry about. I recently sold one of my mum’s old mobile phones. It was an old flip phone with a black and white screen, it worked perfectly and it sold for £20 on eBay within the hour.

 

6. Furniture

Whether you’re redecorating or just don’t need it anymore. We all come to a point in life where we have furniture we no longer need. Whether it’s hardly been used or you’ve had it in the family for years someone will want it.

 

Furniture is a hard thing to sell second hand, primarily due to the size. That’s when second-hand market places such as eBay, Gumtree, Facebook Market Place or Shpock make all the difference. Furniture is going to require someone to come and collect (arranging a courier is often too expensive for the vast majority of second-hand furniture) so be sure to think about how they are going to come and collect. I.e. If you live in a flat you’re probably going to want to inform them that it is going to require some work to come and collect etc.

 

7. Cardboard Tubes

Remember Art Attack?

 

All good craft projects start with cardboard tubes. Which means… People pay for them. It’s absolutely crazy and something I only found out about very recently but your old cardboard tubes are worth some serious money – especially considering you’re buying them anyway.

 

Let’s take for example this eBay listing of 50 cardboard tubes…

 

Cardboard toilet roll tubes can be sold for cash!

 

Postage aside this person is getting around £4.20 (post fees) for 50 toilet roll tubes. That’s £0.084 a tube, considering each toilet roll costs around £0.16 this is literally cutting the cost of your toilet roll purchase in half!

 

8. Video Games

The of video games market moves faster than the fashion market and the price drop can be huge on second-hand games. If that wasn’t enough this ever falling market of video games is subject to heavily varying prices. Second-hand stores want to buy cheap to prevent them from loosing money when selling these games on, so it’s important to shop around.

 

If you’ve got old video games and consoles from the 90’s and / or earlier then they can be worth a fortune. To maximise your return here you’re best off selling them on eBay. Do your research and price the item high. If you have a large bundle of items then consider separating them into smaller lots / individual items. Unlike books and DVD bundles you’re often able to ask more for individual items.

 

If you’ve got modern day video games then you’re going to want to compare the prices of eBay (post fees) against that of Music Magpie, CEX and the other online and bricks and mortar stores. The difference will be a couple of pounds per game – which can quickly add up.

 

Also, bare in mind trade in value in some of the high street stores, if you’re looking to sell some games to pay for a new one then you might be able to generate more cash from your trade-in’s.

 

9. Gift Cards

Had a gift card for months, even years that you know you’re never going to use?

 
 

10. Sporting Goods

Remember those skis you bought for that skiing holiday in 2014?

 

What about the bike you bought in the sale when you swore you’d spend more time outdoors in 2012?

 

Yeah… We’ve all been there.

 

Sporting goods are often the most forgotten about items, that’s because they end up in the garage or the shed. You don’t see them every day and therefore they don’t cross your mind as an unused bucket of cash!


Skiis are a fantastic unwanted household items to flip for cash on ebay 

Much like furniture many Sporting Goods are tough to sell on selling platforms due to size (unless you really want to pack a snowboard and hope it doesn’t get damaged in the post) so think about local selling sites such as Shpock, Facebook Marketplace or even eBay – changing the settings to collection only.



Let me know what you think of this 10 Household Items To Flip For Cash on eBay post, in the comments below. Also, drop me a tweet if you do decide to flip any items for cash – I’d love to share your success!

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