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F. Naz
F. Naz, Chartered Accountant
Category: Business
Satisfied Customers: 5358
Experience:  Doing Chartered Accountancy
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I have been using an accounting software quickbooks for my

Resolved Question:

I have been using an accounting software quickbooks for my online business that all goes via Paypal. This collects all the transactions and data for my tax return. Does bought stock that is left over need to be declared as profit? or do you only declare what stock you have used and sold as expenses?Kind regards.
Submitted: 4 months ago.
Category: Business
Expert:  F. Naz replied 4 months ago.
Any deadline for this
Customer: replied 4 months ago.
need to do self assessment before january 2018.
Expert:  F. Naz replied 4 months ago.

Are you a self employed person or doing business as company?

Customer: replied 4 months ago.
Its a small part time ebay business that I do on the side of a normal job.
Expert:  F. Naz replied 4 months ago.
The stock which is left is known as ending inventory and it is not used as expense against the income. Ending inventory is deducted in calcultion of cost of goos sold via which gross profit is derived so ultimately inventory which is not sold is not shown as expense.Note :- If you found my service helpful then kindly rate or accept it as this is the only way to get credits for my efforts.
Expert:  F. Naz replied 4 months ago.
Hello
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Customer: replied 4 months ago.
Thats great, thanks for your help.