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Buying from yourself as a private person – what are the details?

KJ
03/03/2024
Question

I started as a self-employed person in a secondary occupation on 1 February and I am in the process of setting up a webshop.However, in previous years I purchased a lot of materials for my activity, which was then a hobby. I make jewellery myself and use a lot of materials for this. However, over the past year I have collected a lot of finished products, which I now want to sell. I also have an inventory of various small parts, from which it is impossible to find all the receipts.It seems to me that the best solution for my accounting would be to purchase these from myself as a private person. I know that many questions have been asked about this and I have searched through all the old posts, but it is still not entirely clear to me. I am a complete beginner when it comes to accounting.

How detailed do the goods need to be stated on the proof of purchase? Do I have to describe the products and how do I do that for the finished jewellery?

Thank you!

Thank you. I have read this article several times. However, I still cannot find a specifically provided answer to my question.

'How detailed should the goods be stated on the proof of purchase? Do I have to describe the products and how do I do that for the finished jewellery?'You will have to decide this yourself using a dose of 'common sense'. What amounts are we talking about? As long as the amounts are less than €250 per purchase/sale, I would describe this as 'batch of second-hand materials for the manufacture of jewellery'. If it concerns more valuable items (your jewellery, as this becomes your trade goods with which you want to make added value/profit), I would draw up a separate sale document for this as a private person. I don't know how much you are allowed to sell per year as a private person without having to declare it. I would suggest Googling it or consulting an accountant if this really concerns large amounts.

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You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.

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