is it ok to do this on ebay?

missindecisive · 11 April 2009 at 8:33AM

hi guys, just some friendly advice needed please. I have been buying an item cheaply from my local high street and have been re=selling it on ebay for a small profit. to date I have nearly made £100. can anyone tell me, at what point do I become a business and therefore need to become a power seller? when do i need to declare this as an income and tell tax credits etc? I have bought /sold on ebay for about 3 yrs now but so far it has just been household/baby items, and we sold a car on there. now I am mainly selling this one item, there seems to be a demand so I expect in the future I may sell more..

just wanna be a law abiding citizen so any advice appreciated :A

soolin · 11 April 2009 at 8:39AM

You are already a business as you are buying with the intention to sell on. You need tor egister both with HMRC and change your ebay aco!!!! to a business one.

Power seller status is not possible as to get that you need a high regular turnover or high number of sales on a month by month basis.

Your own private stuff, including the family car (if that is what is was) does not count as trading and does not need to be declared.

veggies · 11 April 2009 at 8:40AM

If you buy to sell you already are a business & therfore you need to register with the Tax people and change your ebay account over to a business one

flea72 · 11 April 2009 at 8:42AM

as soon as you are selling items, you have bought specifically to sell-on for (possible) profit, then you are no longer a private seller, so you should have changed to a business seller as soon as you started doing this

all income should be declared for tax credit purposes

Flea

is it ok to do this on ebay?

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