Like many people I have a small eBay business that grew out of selling old junk in the attic (some call such junk collectable memorabilia). As such a lot of items I initially sold had been lying around for ages and the receipts lost long ago. What's the general rule for costing such items if I want to use them as stock introduced?
you are allowed to sell your old stuff on Ebay without accounting for it for tax (presumably most of this would make a loss on original cost). You do however have to account for items you buy with the intention of selling on, ie with a profit motive. Unfortuantely you will not be able to create a loss by using the original costs, in fact if you were to introduce them to the business it would be at market value which basically would be Ebay selling price!
