Buying your own stock ?

[bombini]

When you buy your own products how do you put it through your books ?

1. Pay yourself the trade price from your personal acc to business acc
2. Pay yourself the retail price from your personal acc to business acc
3. Just take the stock and not pay anything

I have been paying myself the trade price but just wondering if that is the right thing to do or doesn't it matter ?

Thanks

 

[g5m_sh]

I do my own nails and i never put it through the books.

Not sure if you are ment to or not tho! x

 

[fozzyo]

Perk of the job for staff of the company to use the products we sell so they can talk about them from extensive personal use to increase sales.

 

[Vetty]

I use stock and don't put any income into my books for it...... Never thought to tbh!!

 

[joe90]

When I first took on my facial range I bought the cleanser, toner etc at trade prices and put it through my books, but now I just top mine up every now and again from my salon sizes and don't put it through.

 

[bombini]

Thanks guys,

So does that mean that you don't HAVE to record any stock you take for personal use ?

 

[joe90]

Thanks guys,

So does that mean that you don't HAVE to record any stock you take for personal use ?

I think from a tax point of view we really should be recording what we use.

 

[bombini]

I think from a tax point of view we really should be recording what we use.

thats what I thought, I think I will carry on paying the trade price for it then.

Thanks x

 

[Katelisa]

why dont you just purchase your own products seperately?

If im buying hair things from the warehouse or personal products i just pay seperately and they dont go anywhere near the business accounts.

 

[bombini]

why dont you just purchase your own products seperately?

If im buying hair things from the warehouse or personal products i just pay seperately and they dont go anywhere near the business accounts.

Because the skincare and make up ranges I use aren't sold at wholesalers so I have to order them altogether, otherwise if have to pay double postage.

 

[dee]

ooh i just use my stuff as i want it :irked:, granted i dont use loads anyway , but what about stuff you use for practising ? i sometimes have to keep myself refreshed if i havent done a facial , or head massage for ages ,and use the stuff , i certainly aint gonna pay for it !!
and wot about nails ? how many of us practise and use a fair bit of product ? i doubt people pay ??
quite an interesting thread this :green:

 

[bombini]

ooh i just use my stuff as i want it :irked:, granted i dont use loads anyway , but what about stuff you use for practising ? i sometimes have to keep myself refreshed if i havent done a facial , or head massage for ages ,and use the stuff , i certainly aint gonna pay for it !!
and wot about nails ? how many of us practise and use a fair bit of product ? i doubt people pay ??
quite an interesting thread this :green:

I doubt you would need to put through products you are using for practicing or doing your own nails as you ar using a small quantity of product which is also used for professional treatments,etc but what I mean is if you take a moisturiser pro/retail size out of your stock then should you pay for it ?

I take a lot of stock out of my business all of my make up & skincare which really adds up so If I ever had the tax man round thats a lot of stock thats just dissapeared ifykwim

If I was just taking the odd thing then I guess it wouldn't really matter but as I take such a lot out im a bit worried about the tax element of it.

 

[LBR]

I pay the business the trade price plus VAT and a small amount for postage. I only do that if i physically take it out of my beauty room, so the likes of facial scrub, cleanser, toner, moisturizer, body creams I will pay for but for doing my own nails I never have. Never thought of it as the same for some reason but I am advertising my own business through having them done and also it is only a tiny bit.

My hubby always pays for his mens skincare items from me too. I add more postage on for him though! lol

 

[dee]

I doubt you would need to put through products you are using for practicing or doing your own nails as you ar using a small quantity of product which is also used for professional treatments,etc but what I mean is if you take a moisturiser pro/retail size out of your stock then should you pay for it ?

I take a lot of stock out of my business all of my make up & skincare which really adds up so If I ever had the tax man round thats a lot of stock thats just dissapeared ifykwim

If I was just taking the odd thing then I guess it wouldn't really matter but as I take such a lot out im a bit worried about the tax element of it.

oops sorry hun i think i misunderstood ya there , lol , if i get anything for myself i buy it at trade , hth xx

 

[scattyfox]

i put myself through as a i would a client but put no charge so that the stock tallies up.

 

[beautynails]

Because the skincare and make up ranges I use aren't sold at wholesalers so I have to order them altogether, otherwise if have to pay double postage.

Can't you ask them to put the products that you want for yourself on a seperate invoice. I've done that in the past and I think it's alot easier on the books.