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Register for Tax?
jordan_gibson
Posts: 258 Forumite
Hi guys - I presume this is the right place to post this.
I have started selling a few bits on Ebay and would like to resister with the lovely tax man to keep my nose clean. Does anyone know the place where you can do this online?
I think I have read that you need to earn over £30K before you incur extra tax but does anyone know for sure?
Thanks in advance.
I have started selling a few bits on Ebay and would like to resister with the lovely tax man to keep my nose clean. Does anyone know the place where you can do this online?
I think I have read that you need to earn over £30K before you incur extra tax but does anyone know for sure?
Thanks in advance.
You can't pick up your teeth with broken fingers!
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Comments
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No, anything over your personal allowance & you must pay tax - around £5k. The on-line form is here: http://www.hmrc.gov.uk/startingup/index.htm0
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Many thanks - that form is to register as self employed - is that the right one - sorry for the stupid question.
I already have a full time job and my employer pays my tax & NI.
I'm just a bit worried about registering as self employed and it having an effect on my 'normal' job.
Just for info I am certianly not selling loads on Ebay - turnover is around £1K for the last 12 months.You can't pick up your teeth with broken fingers!0 -
depends if you are just selling off bits & bobs from around the home...or whether you are buying stuff specifically to sell on and make a profit0
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jordan_gibson wrote:
Just for info I am certianly not selling loads on Ebay - turnover is around £1K for the last 12 months.
Although you get taxed on your full time job, the 1K turnover would attract about 25% in tax from the profit out of that £1k.0 -
Bear in mind you only pay tax on the "profit" aspect, not the selling price (unless it's 100% profit).0
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:rolleyes: and
are all I've got to say to this thread! Oh, and :rotfl:
SC0 -
pennylane99 wrote:depends if you are just selling off bits & bobs from around the home...or whether you are buying stuff specifically to sell on and make a profit
Bit of both to be honest!You can't pick up your teeth with broken fingers!0 -
This has been the topic of many a thread on MSE.
check out...
http://forums.moneysavingexpert.com/showthread.html?t=2164890 -
Tallymanjohn wrote:No, anything over your personal allowance & you must pay tax - around £5k. The on-line form is here: http://www.hmrc.gov.uk/startingup/index.htm
Not strictly true, depends if it is income or capital gains.
You have an allowance for each.
For eBay specific advice, check the thread at
http://forums.moneysavingexpert.com/showthread.html?t=2164890 -
i've read elsewhere on mse that it's a simple case of...if you bought the item specifically to sell, it counts for tax purposes. if you are selling your own possessions/junk etc, it doesn't count for tax.0
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