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Self Employed/Second income
kriss_boy
Posts: 2,131 Forumite
Im really thinking about stepping up my ebay buying and selling which in all honesty is a hobbie considering Im buying and selling items i use... dvds, clothes, games, parts for my car etc.
I was registered self employed last year when i was selling guitars, and so i was charged national insurance contributions, something like 17 quid every couple of months if i remember correctly. At that point I did not have a full time job.
So my question is... now that I do have a job, how do i go about informing the tax man that I may wish to start declaring possible earnings?
My mum says i wont need to pay national insurance... ill simply have to fill out a form once a year to declare my earnings?!?!
If this is the case then id be tempted to go down that raod of really trying to make decent money on ebay as paypal records highlight your activity quite well.
I was registered self employed last year when i was selling guitars, and so i was charged national insurance contributions, something like 17 quid every couple of months if i remember correctly. At that point I did not have a full time job.
So my question is... now that I do have a job, how do i go about informing the tax man that I may wish to start declaring possible earnings?
My mum says i wont need to pay national insurance... ill simply have to fill out a form once a year to declare my earnings?!?!
If this is the case then id be tempted to go down that raod of really trying to make decent money on ebay as paypal records highlight your activity quite well.
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Comments
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You can register by filling in this form online or by calling 08459 15 45 15.
The form is CWF1. I can't get it to work atm though.
I believe you will have to pay Class 2 NICs. For 2007/2008 it is £2.20 per week.-->♥<-- Sugar Coated Owl -->♥<--
If you believe, you will survive - Katie Piper
Woohoo! I'm normal! Gotta go tell the cat.0 -
That sucks... I already pay national insurance in my current job.
I quit my self employed status cos i went a couple of months without selling anything so i was getting charged national insurance for nothing. I reufsed to sign on however as I ended up spending the summer helping rennovate my parents house.
Anyway I doubt its worth while me trying to make any money on ebay because by the time you add up national insurance, tax, time spend on ebay and in postal queues, its far far from minimum wage!0 -
Hmmm I see your point but on the other hand it's fairly rewarding working for yourself and having your own business either on eBay or by having your own website.
Surely your tax wouldn't be that high.
What are you looking to buy and sell anyway?-->♥<-- Sugar Coated Owl -->♥<--
If you believe, you will survive - Katie Piper
Woohoo! I'm normal! Gotta go tell the cat.0 -
You are exempt from Class 2 NI if your SE earnings are less than £4465 after expenses, theres a form - CF10 - that you need to complete.
You can get the form & info from here:
https://www.hmrc.gov.uk/forms/cf10.pdf0 -
If you are selling items you use, this is not income so you don't need to register as self employed. If you are buying things to sell, that is different. Check out a few previous threads on this topic...
http://forums.moneysavingexpert.com/showthread.html?t=357460
http://forums.moneysavingexpert.com/showthread.html?t=216489
http://forums.moneysavingexpert.com/showthread.html?t=365159
http://forums.moneysavingexpert.com/showthread.html?t=3824350 -
Tallymanjohn wrote: »You are exempt from Class 2 NI if your SE earnings are less than £4465 after expenses, theres a form - CF10 - that you need to complete.
You can get the form & info from here:
https://www.hmrc.gov.uk/forms/cf10.pdf
Are you sure?
I thought you had to pay Class 2 NICs.-->♥<-- Sugar Coated Owl -->♥<--
If you believe, you will survive - Katie Piper
Woohoo! I'm normal! Gotta go tell the cat.0 -
razorbladekisses wrote: » Are you sure?
I thought you had to pay Class 2 NICs.
this is correct, you can apply for exception, me and my hubby are employed as well as self employed, we dont pay class 2 (yet)."There is a light that never goes out"0 -
razorbladekisses wrote: » Are you sure?
I thought you had to pay Class 2 NICs.
Yep, download the form from the link & have a look - I was in that category until last year.0 -
Cool. Thanks. I'll have a look.-->♥<-- Sugar Coated Owl -->♥<--
If you believe, you will survive - Katie Piper
Woohoo! I'm normal! Gotta go tell the cat.0 -
JohalaReewi wrote: »If you are selling items you use, this is not income so you don't need to register as self employed. If you are buying things to sell, that is different. Check out a few previous threads on this topic...
The system is so dumb. We live in an era where people can buy and sell something within the blink of an eye. I buy clothes then sell them if I dont like them or they dont fit. I buy dvds and pc games and sell them once ive got bored of them.
But because im wise with my purchases, and good at selling them, suddenly the tax man feels he deserves a slice? And im meant to go to the hastle of keeping records of the most tedious of items ive bought and sold.
I dont buy with the intension to sell, but i do make small profits because duh, im hardly going to buy something that I know i will lose money on.
So ive been warned by the tax man that I cannot buy and sell things without delcaring them. even tho they are hobbies. Should i purposely sell things at a loss?0
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