HOME  PRODUCTS  FREE VIDEO  REVIEWS  CANTON FAIR  SELLING ON AMAZON  BLOG  CONTACT US

Selling Previously Bought Stock to Own Company?

Question from one of our subscribers:

Hi all after a couple of years of earning pin money(well under the tax threshold) I am looking to start a proper tax paying business, my question is, how do I go about using the stock i’ve purchased and just sat on(approx 15-20k cost) for the last couple of years..obviously if the business hasn’t purchased the stock per-say then the whole sale amount will be profit..& obviously I would like to be compensated for what it’s cost me to buy..any advice please?

Answer:

Hi!

You need to see an accountant. If you’re on £20k worth of stock then you should have already been paying tax. Unsold stock is really not an expense, it usually counts towards your profit.

 

 
 
Follow Us Facebook Twitter Youtube
 
 
Facebook Twitter Youtube