Selling some books - how to account ?

[moorfield]

A while ago I bought some technical text books through ltdco, which I'm now planning to flog on ebay as they have turned out to be pretty hopeless.

As they were originally acoounted for as expenses not fixed assets how do I account for them now on resale ?

[malvolio]

They are simple income. I trust you'll be charging VAT...

[Alan @ BroomeAffinity]

They are simple income. I trust you'll be charging VAT...

There's no VAT on books.

[malvolio]

Very true. To be really pedantic, there is, but it's set at 0%. End result is the same, of course.

However I was wondering if the OP knew that...

[ASB]

Surely there is often vat on technical books. If it includes media then vat is charged (or has that changed?)

[Spacecadet]

Surely there is often vat on technical books. If it includes media then vat is charged (or has that changed?)

Thats possibly why many tech books these days give a link to a download section on the publishers website.
Download content is freely available
Book remains at 0% VAT

[Alan @ BroomeAffinity]

Very true. To be really pedantic, there is, but it's set at 0%. End result is the same, of course.

However I was wondering if the OP knew that...

Surely the real question is: I trust you will be declaring the income in the company's books?

[malvolio]

Agreed!

[moorfield]

Surely the real question is: I trust you will be declaring the income in the company's books?

Well it has crossed my mind not to bother. But presumeably Hector might check if he ever came knocking.

[ASB]

Well it has crossed my mind not to bother. But presumeably Hector might check if he ever came knocking.

You could take a view that the books are worthless and give them away (largely this is the purpose of expense items, they don't have retained value).

If the person you give them to happens to lob them on ebay and get a few quid then that's just their good fortune

Hector is not going to quibble about the second hand value of a few out of date technical books.