| Discussion Forum: Thread 351628 |
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| | | Author: | HisMastersVerit  | | Posted: | Dec 17, 2023 14:18 | | Subject: | Cost of goods sold when parting out sets | | Viewed: | 157 times | | Topic: | Taxes | |
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| I wonder if any other BL seller in the UK could help me. I've just filed
my end of year tax return. Much of what I do is part out used and new sets. In
order to work out cost of goods sold, when I part-out sets I i) set my listed
prices (which are largely 6 month average - with a few tweaks) ii) before uploading
check the total upload price of the set parted out and divide that by the price
I paid then iii) apportion that % adjustment to the parts so i get price per
part and iv) export that to a saved excel file.
This is obviously cumbersome and adds hours of work each week. Does anyone use
a method that is more efficient and acceptable to HMRC?
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| | | | | Author: | marlinjc | | Posted: | Dec 18, 2023 12:46 | | Subject: | Re: Cost of goods sold when parting out sets | | Viewed: | 49 times | | Topic: | Taxes | |
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| I'm in U.S. but will comment on the price per part. If you look at the price
guide for key parts in a set you will see that the minifigs and a few other items
make up most of the value. When listing the value of a parted set, the individual
parts will often be in pennies (especially if you consider that the cheapest
in the recently sold new section are often .01) while the minifigs are in dollars.
Therefore, if a set costs $100 and has 1000 parts with 10 minifigs, the minifigs
may be worth $5 each and the remaining parts $.05 or less.
In Taxes, HisMastersVerit writes:
| | I wonder if any other BL seller in the UK could help me. I've just filed
my end of year tax return. Much of what I do is part out used and new sets. In
order to work out cost of goods sold, when I part-out sets I i) set my listed
prices (which are largely 6 month average - with a few tweaks) ii) before uploading
check the total upload price of the set parted out and divide that by the price
I paid then iii) apportion that % adjustment to the parts so i get price per
part and iv) export that to a saved excel file.
This is obviously cumbersome and adds hours of work each week. Does anyone use
a method that is more efficient and acceptable to HMRC?
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| | | | | Author: | runner.caller | | Posted: | Dec 18, 2023 13:08 | | Subject: | Re: Cost of goods sold when parting out sets | | Viewed: | 49 times | | Topic: | Taxes | |
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| In Taxes, HisMastersVerit writes:
| | I wonder if any other BL seller in the UK could help me. I've just filed
my end of year tax return. Much of what I do is part out used and new sets. In
order to work out cost of goods sold, when I part-out sets I i) set my listed
prices (which are largely 6 month average - with a few tweaks) ii) before uploading
check the total upload price of the set parted out and divide that by the price
I paid then iii) apportion that % adjustment to the parts so i get price per
part and iv) export that to a saved excel file.
This is obviously cumbersome and adds hours of work each week. Does anyone use
a method that is more efficient and acceptable to HMRC?
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Are you going line by line to calculate this? Should be fairly simple in excel
no matter how many lots are in a part out.
Line item's cost = Line item's 6ma value * (total cost paid for set /
total set's 6ma part out value)
and then just drag the cell down the number of lots.
I usually double check it with a sum-product function to make sure my total calculated
cost is accurate with what I paid.
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United Kingdom, England
USA, Illinois
