Comments

• I don’t think the Myspace, Facebook comparison is a good one really for a number of reasons but mostly because they offered a different service. Sticking with the social networking theme look at Facebook and Twitter, they coexist quite happily. B…

  in A new marketplace to buy & sell Lego! Comment by Petenat May 20
• We have one of the larger Bricklink shops in the UK and are following this with keen interest. A couple points I would make are, the AFOL community is very loyal and I feel it will be difficult to move some of the ‘hobby’ sellers off Bricklink. ‘P…

  in A new marketplace to buy & sell Lego! Comment by Petenat May 19
• The problem arises when you, say spend £100 to buy 1000 parts. In a year you sell 750, receving £200. Your profit is not simply £200-100=100, because you have 250 parts still in your inventory. Wrong. Your profit (for tax purposes) is /can be/ indee…

  in Parting out sets and record-keeping of taxable income for HMRC (UK) Comment by Petenat April 15
• I too registered with HMRC and was precisely wondering how to properly file taxes when the time will come. First of all, my BL store is just a pastime which allows to stay "on top" of the Lego world and justify spending money on it! After one year …

  in Parting out sets and record-keeping of taxable income for HMRC (UK) Comment by Petenat April 15
• Questions about tax are always complicated and it is important to be as specific as possible to get good advice. Many people purport to be experts (I’m not digging at anybody here) but actually know next to nothing. A good knowledgeable accountant i…

  in Parting out sets and record-keeping of taxable income for HMRC (UK) Comment by Petenat April 15
• It’s all about being in a defendable position should the Tax Man knock on the door to answer questions. We had a large amount of parts go missing in the post, a full tracked parcel that went missing in transit. Royal Mail only pay for the ‘cost pri…

  in Parting out sets and record-keeping of taxable income for HMRC (UK) Comment by Petenat April 14
• Also I would suggest if you are buying a Lego set and keeping some parts and selling the unwanted parts at a loss, you should not be registering as a business as the sets are bought for your personal use and you are just selling on what you don’t wa…

  in Parting out sets and record-keeping of taxable income for HMRC (UK) Comment by Petenat April 14
• Unfortunately it’s much, much more complicated than that. Let us say for example: You buy a Lego set for £10 the set has 80 individual pieces, you part it out for £20, you sell all the parts in the first month to one person and you charge £5 posta…

  in Parting out sets and record-keeping of taxable income for HMRC (UK) Comment by Petenat April 14
• Thanks for the replies The store is Bespoke Bricks and Blocks Am I OK to post a link to it in the market place and offer a discount to all members? Natalie

  in Petenat: Hello Comment by Petenat April 2012
• Thanks for saying hi i'm in the UK, I like the starwars sets, sad I know! I also like the old stuff, picking up a pat pend brick knowing how old it is and wondering about the little boy or girl who saved their pocket money for it. my next projec…

  in Petenat: Hello Comment by Petenat April 2012