We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
is it ok to do this on ebay?
Options
missindecisive
Posts: 586 Forumite
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
just wanna be a law abiding citizen so any advice appreciated :A 0
Comments
-
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.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 -
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 one0
-
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
Flea0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards