How do you do a Stock Take?

[pure]

I didn't really do one of these at the end of my first years trading, but I have to do one tomorrow and I'm really not sure what I have to include.

I it everything I have in the same for retail and for use during treatment, or just retail?

If it's for everything, do I include part used products?

Do I note the cost? Including or excluding VAT? And what about the half used ones?

HELP!!!

 

[collin]

I didn't really do one of these at the end of my first years trading, but I have to do one tomorrow and I'm really not sure what I have to include.

I it everything I have in the same for retail and for use during treatment, or just retail?

If it's for everything, do I include part used products?

Do I note the cost? Including or excluding VAT? And what about the half used ones?

HELP!!!

Chill..its not that bad..once you've done one its like riding a bicycle..as long as you stay upright you wont fall off

You need to list basically everything....that's everything...stock,retail items etc...these should be then valued at what you paid for them piece by piece.

If its your first year also list all your assets at cost..that's furniture/curtains/desks,couches,tools and equipment/computers.

Basically go through the place room by room and list EVERYTHING...even things you might think are unnecessary ....even the cat kind of thing...also dont forget things at home that you use for the buisness...computer/mobile/brief case etc

Don't worry about what should I or shouldn't I list...just list the lot..your accountant will catogarise things for the purposes of the accounts as well as advise you of what you need and need not list for next year.

Good luck...I know what its like as ive got the same deal going on tomorrow evening and im bricking it as only 8 fingers and two thumbs to count with.

 

[pure]

Thanks Collin, I do wonder if I make life difficult for myself because I tend to over think things! Wish me luck!!!!!:Scared:

 

[collin]

Thanks Collin, I do wonder if I make life difficult for myself because I tend to over think things! Wish me luck!!!!!:Scared:

Good luck and dont worry about over thinking things...I was up out of bed, as couldnt sleep thinking about stock take ,and in the warehouse counting stuff at 4.30am this morning

 

[Impulse1976]

I was thinking the same thing, i listed all my products and equipment etc but when you are putting the value of them do you use the price including vat? I am not vat registered. Thanks Sam

 

[collin]

I was thinking the same thing, i listed all my products and equipment etc but when you are putting the value of them do you use the price including vat? I am not vat registered. Thanks Sam

You are best checking with your accountant for a definitive answer however logic would say that you need to enter a value that reflects what you have paid for the item.

Therefore if your VAT registered you would enter the net amount excluding VAT ..it therefore follows that if your not VAT registered and paid £10 inc VAT for an item then the net cost to you is still £10.

Hoping that makes sense but do check with your accountant.

 

[Impulse1976]

Hi Colin, i am trying to do my accounts myself so will give the inland revenue a call tomorrow to check. Thanks for your help.

 

[collin]

Hi Colin, i am trying to do my accounts myself so will give the inland revenue a call tomorrow to check. Thanks for your help.

Always a good thing...good luck :hug:

Don't forget your write downs if you have some profit you wish to loose..always helps :idea:

 

[Impulse1976]

Mmm i wish i had a profit its my first year and you put so much in so i will be at a loss for a few years. I am only doing it part time too so looking forward to the time i come into profit

 

[emily22]

hiya, hope you dont mind me asking but do you have to do a stock take if you are doing your accounts and self-assess yourself?

This year will be my 2nd self-assess and I didnt do a stock take before.. Never thought I had to - im a mobile nail tech working on my own and havent made a penny profit yet!