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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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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.
not sole source but did sell a lot of stuff in the last tax year but the net profit came out at £2,400
lol dont think id be worried about tax if it was cocaine.
No, not taxable.
Loads of people sell personal belongings to that value. Cars, jewellery, furniture. Dont worry about it.
Loads of people sell personal belongings to that value. Cars, jewellery, furniture. Dont worry about it.
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.
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...
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....
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....
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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