Recently I have discovered a new passion of finding vintage watches and refurbishing them. Once I give them a new life, I sell them online, for example on etsy/ebay.
I usually buy the watches at local flea markets/dba where it's hard to get a purchase receipt. Then I fix them up in my studio.
you need to get the name and address of the seller clearly - + descrpition and price you can make that your self when you stand with the seller, but without it, you cannot deduct
Mateo@puuf.dk:
the time I put into it as a cost?
nothing to document as you own time does not give any deduction - it is what creates your profit and are taxed same way as you where working as employee you could say
Mateo@puuf.dk:
Should I start a company or it's alright to get paid to my private account?
if you expect to sell for more than 50 t in any 12 month period you would need to have a company . singlemans personal with VAT I would suggest.
thanks a lot for your answer. I have some follow up questions to your answer.
Do I go through the same process if I buy the watch internationally? I get most of them in Germany and Poland. I always pay in cash at the markets. I also imagine the sellers don't settle the VAT for the sale.
Alright, so I could hire myself in the company and pay myself a salary.
I do expect to make more than 50k revenue in 12 months. From what I've tested so far, most of the sales would be to EU and the US. Is singlemans personal company with VAT suitable for that in your opinion? Does that come with a CVR?
Once again thanks a lot. I'm also doing research on a side, talking to an accountant and will let you know about my findings!
Yes same procedure - If the seller is VAT registerede or not does not make a big difference for you when you purchase the watch and bring it home as they will not deal with the VAT so anyway, your price must be documented same way as if from DK if you want to deduct the purchase price
If you want to hire yourself it has to be an ApS but there is no tax advantage, as you then pay tak on the salary directly with same % as in a personal company
To export (out of EU) you need to register the company for export and that is easy both for the personal comp or an ApS - For buyers, most likely not VAT registerede in EU (incl DK) you add danish VAT and outside you dont but you register the total sale in VAT registration group C
Good idea to talk to someone with knowledge about export and VAT
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