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Chit Chat
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11 Jan 10
23:18
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Date Joined:
08 Sep 03
how do you stand regards tax?
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Replies: 9
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Depends if its a sole source of income. If so, you are eligible to pay tax. If you are just selling lots of personal belongings, you have no worries.
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not sole source but did sell a lot of stuff in the last tax year but the net profit came out at £2,400
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It was cocaine wasn't it?
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lol dont think id be worried about tax if it was cocaine.
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No, not taxable.
Loads of people sell personal belongings to that value. Cars, jewellery, furniture. Dont worry about it. |
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trouble is they wernt personal belongings. bought some cake stands from a mate who runs a plastics factory , did some cash and some with invoices just as a sideline but as the profit came out so small after actually selling at a total of 10k worth , after paying for them and postage and ebay fees etc the profit was £2,400 hence packed it in after the last tax year, but have had a letter thru from hmr doing a check and they wanna see my ebay id , paypal statements and bank statements.
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doesnt matter if its sole income or not, ebay would certainly regard you as a business seller under those circumstances, not sure of the legal implications of that regarding hmrc but i would suggest you will be liable for income tax charges on your profits...
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HMRC get details of anybody with over a certain amount of transactions through their account. Don't know the number, but it is a lot higher than it would be for somebody just selling their own stuff.
They will know a lot more about your transactions than you think - if you lie to them, they will be all over you like a rash.... |
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not gonna lie to em , have all relevant paperwork to produce to them to prove the profit etc its just i didnt declare it on the last tax year . cos i do self assesment ( self employed courier driver)
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