Generic Finance Tips

Generic information on the financial side of reselling.

Cashback to increase profit margins

Increase your profit margins. Earn extra cash when you purchase products to resell. Websites like Currys & Very give up to 10% cash back, this adds up fast and will increase your ROI. Furthermore, you can also use this website for personal purchases such as food. Some products we notify for go out of stock too fast for you to use TCB, we only recommend using this service when you know you will have enough time to head to the app and click on the retailer to receive the cashback. How does it work? When you make a purchase from a retailer featured on TopCashback after clicking through the website, you will get a commission for the sale. Cashback should appear on your Earnings page within 7 days of your purchase, but it usually isn't ready to withdraw straight away until the returns period is over. Sign up with our referral link below and earn £10.00 in cashback for a reward! https://www.topcashback.co.uk/ref/Member12111359281247

Taxation

We cannot give you tax advice obviously, but you need to remember that making a profit is taxable. You can find out official information on HMRC's website; https://www.gov.uk/check-additional-income-tax. We highly recommend you document and keep track of all sales, you will most likely need to register as self-employed if you are taking reselling seriously.

Documenting your reselling journey

If you are spending and selling multiple products it's important you keep track of your profit and loss accounts. This can be for personal reasons and of course legal reasons if you have to deal with HMRC. We can only advise you to create a P+L spreadsheet, https://www.freshbooks.com/hub/reports/profit-and-loss-report. Tip: Include additional expenses such as shipping costs, packaging costs, and transport if you needed to post items. If you are registered as self-employed these could be written off as an expense if eligible.