2nd job... is this possible?

up4thecup

I currently work full time.

Is it possible, to make some extra money - for me to buy products at a discount from another company and sell on, basically making a bit of money from everything I sell. I wouldn't be getting paid by this second company, just re-selling their products.

If I was to do this, would I have to set up as a new business (in which case would probably cost me money and be too time consuming) or is this a possibility.

Lets say I buy something with a discount of 25% but sell it at full value - I'd get to keep the 25%.

Is this allowed, or would I have to pay more tax, set up a a business, etc, etc...

Thanks in advance!

jhp

You would be liable for tax/nic on any profits less expenses , just like any other organisation that buys goods at wholesale prices and sells at retail prices.

http://www.hmrc.gov.uk/leaflets/se1.pdf

PasturesNew

If you buy an item for resale and sell it, that's a company. But to set up a company all you need do is tell HMRC (tax office) that you are self-employed.

Then you need to fill in a tax form each year, on which you include your employment details (earnt/tax paid) and your self-employment (spent buying thiings/total sales income/expenses/actually made).

The new tax year starts on 5 April 2009, so to keep things simple, it'd be wise to wait until then to start. The tax return for 2009-2010 would then be due by the end of 2010. If you get your tax return into them fast (it might be before Sep 2010) then they'd even calculate your tax for you.

Speak to the tax office, they'll put you straight and the form filling can be very easy.

You don't need a separate bank account, but you DO need to be organised and methodical on paperwork of what you've bought/sold etc.

You will have to pay another National Insurance stamp (on top of the one you pay in your employment), but if your earnings are low, then you can get let off that, so find out about that too.

up4thecup

Thanks for the replies, is a great help.

Will look into it for April then, gives me some time to get things sorted in the meantime.

Cheers!

webpro2009

Hi There, the best way would be to do a little dropshipping. Theres a huge amount of competition, but for what you are wanting to do its a good start. There are loads of site out there who are great for this. Message me if you would like some

Hope This helps