eBay Sales - Advice on Declaring it to HMRC

StaffsSW

jason.parker.86 wrote: »

Yeah I dont mean to come accross arrogant but why pay an accountant to do something that I can do my self??!

Because you would not be in the position you are in now, potentially looking at a large back-tax bill, and not having understanding what your liabilities and responsibilities are.

A good accountant is also a money saver. I paid my accountand just short of £800 for the last year, but that is tax deductible, and he also managed to reduce my tax liability by over £4000 with creative, but legal and compliant accounting.

Money very well spent IMO.

I dont understand why eBay dont tax everyone and its then upto the individual to claim back their overpaid tax! Save everyone alot of hassle!

Because not every seller is doing it for business or gain - there are many, many sellers who are just getting rid of personal belongings, and therefore not liable for any tax on that income.

HMRC do however routinely patrol eBay for unregistered business sellers and those that may not be paying their share of tax or VAT.

Have a read of this, and start making some calls to the HMRC on Tuesday. They are actually very helpful - it is easier for them (and cheaper for you!) to work with somebody who wants help, than hunt down and analyse those that don't.

http://reviews.ebay.co.uk/10-TOP-BUSINESS-TIPS-FOR-BUDDING-EBAY-ENTREPRENEURS_W0QQugidZ10000000001699839

jason.parker.86

OK Guys - once again thanks for all your help and I do fully take onboard what each and everyone of you have said.

Ill get on the blower to an accountant in the AM of Tuesday to see if I Can get a first appointment - may book a few to see who is the cheapest.

StaffsSW

jason.parker.86 wrote: »

may book a few to see who is the cheapest.

When it comes to accountants, cheapest is not always the best way to go, as you could end up paying more tax than necessary.

A cheap accountant will simply tot up your receipts and expenses and submit them for you. A good accountant will do the same, then analyse them to see what changes can be made and suggest extras to deduct in order to reduce your liability.

Ask around a few friends or tradesmen that you know - from my own experience, the best accountants come recommended rather than found in directories.

vlad_the_impaler

jason.parker.86 wrote: »

Ill get on the blower to an accountant in the AM of Tuesday to see if I Can get a first appointment - may book a few to see who is the cheapest.

:rolleyes: