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Hi, I have been selling on ebay, I have been selling both items i purchased years ago, and buying items in to sell on. When working out my expenses for the self assessment, I have receipts for the more recent items I have sold to make a profit (which is fine), but what about the older ones that I don't have receipts for that have sold this past year?
I did read somewhere that you can use a Market value assumption, but unsure what way HMRC would agree to value them, with this my questions are;
1) If using cash basis - can I assign a market value for the cost of these legacy items that I don't have receipts for (its roughly 10-15% of the items sold - i have receipts for the rest)
What is the best way to assign a market value price?
1) Would this be the price it actually sold for on ebay after selling costs [as if you took the sale price it would then give you additional expenses - which isn't right]
2) Would I have to try and find the price it was sold for back in 2015? (I likely purchased it for or use a similar items receipt to justify the expense value)
3) Would you try and gather both prices and use the lower of the 2 values?
4) Unable to claim any of these without receipts