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Starting a New eBay Business
jabbawoki
Posts: 33 Forumite
Hiya
Can anyone help me?
I have purchased stock for selling on ebay but due to the fact that it is multiple items n a regular basis I believe I need to set up as a sole trader. I have a full time job. I understand that tax is paid at my applicable personal tax rate.
What other obligations do I have as an ebay trader?
1. Insurances - do I need any?
2. Accounting - I understand that I have to complete a self assessment form and just fill in 3 lines, Not provide detailed accountants.
3. I need to keep all my receipts from anything I have purchased.
4. I currently have a personal ebay account which is 100% positive feedback from over 180 transactions, Would it be beneficial to reference this as I start the business account so that people have an indication of my personal ebay track record.
Thank you for reading this and I just hope some successful ebay entrepeneur can share some pearls of wisdom with me.
regards
James:D
Can anyone help me?
I have purchased stock for selling on ebay but due to the fact that it is multiple items n a regular basis I believe I need to set up as a sole trader. I have a full time job. I understand that tax is paid at my applicable personal tax rate.
What other obligations do I have as an ebay trader?
1. Insurances - do I need any?
2. Accounting - I understand that I have to complete a self assessment form and just fill in 3 lines, Not provide detailed accountants.
3. I need to keep all my receipts from anything I have purchased.
4. I currently have a personal ebay account which is 100% positive feedback from over 180 transactions, Would it be beneficial to reference this as I start the business account so that people have an indication of my personal ebay track record.
Thank you for reading this and I just hope some successful ebay entrepeneur can share some pearls of wisdom with me.
regards
James:D
0
Comments
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TBH I'd use your current ebay id for selling as you already have feedback, then set up another id for your personal buying where you don't need feedback0
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Thanks buddy for that. Anyone got any advice on the finer points detailed?
Mnay Thanks
James0 -
Hello, anyone feedback would be much appreciated :-)0
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What other obligations do I have as an ebay trader?
1. Insurances - do I need any?
2. Accounting - I understand that I have to complete a self assessment form and just fill in 3 lines, Not provide detailed accountants.
3. I need to keep all my receipts from anything I have purchased.
4. I currently have a personal ebay account which is 100% positive feedback from over 180 transactions, Would it be beneficial to reference this as I start the business account so that people have an indication of my personal ebay track record.
Hi James,
1. That's up to you. If you're working from home, you may want to tell your contents insurance people, otherwise if your stock is stolen, they may refuse to pay out. Depending on what you're selling, you may also want to look at product liability insurance, plus public liability insurance if you're going to be allowing customers onto your premises. I have to say, I've never had either, but then bead-buying customers are generally very nice people and don't cause me hassle.
2. You only get to do the 3-line accounts up to a certain amount of turnover. It used to be £15k, but judging from my 07/08 self-assessment form, it's gone up to £30k.
3. Correct.
4. I agree with scbk, change your personal account into a business one. eBay has certain requirements for business sellers as of 1st May - have a read of:
http://www2.ebay.com/aw/uk/200804.shtml#2008-04-11101040
and make sure that your account complies. You'll also need to change your account type to Business in My Account ->Personal Information.
Good luck!
Caz0 -
Also just one other hting to add, when you register with HMRC, assuming you have not done so already, you often get offfered free workshops and even a personal manager you can contact by phone. Say yes to those options as you can pick up some useful tips about what is allowable and the strange little things you can claim against tax.
My poor manager had to help me sort out my voluntary NI contributions as I was really struggling to get the DD set up properly.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
cazmanian_minx wrote: »Hi James,
1. That's up to you. If you're working from home, you may want to tell your contents insurance people, otherwise if your stock is stolen, they may refuse to pay out. Depending on what you're selling, you may also want to look at product liability insurance, plus public liability insurance if you're going to be allowing customers onto your premises. I have to say, I've never had either, but then bead-buying customers are generally very nice people and don't cause me hassle.
2. You only get to do the 3-line accounts up to a certain amount of turnover. It used to be £15k, but judging from my 07/08 self-assessment form, it's gone up to £30k.
3. Correct.
4. I agree with scbk, change your personal account into a business one. eBay has certain requirements for business sellers as of 1st May - have a read of:
http://www2.ebay.com/aw/uk/200804.shtml#2008-04-11101040
and make sure that your account complies. You'll also need to change your account type to Business in My Account ->Personal Information.
Good luck!
Caz
Thanks Caz, Great advice0
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