Registering as self-employed...

JanineB

Thanks for your help. There are no issues then. When I stop working self employed and return to full time work, I will de-register as I have done before.

Savvy_Sue

fengirl wrote: »

If you made £50 on Ebay and had other employment, then you would be liable for tax and should have declared it. However, if you earned £50 on Ebay and had no other income, then you dont declare it because this is coered by your tax free allowance.

I could be wrong, and I always hesitate to disagree with you, as you know, but I thought that if you were just selling your own stuff on Ebay you weren't liable to pay tax on it, only if you were buying stuff to sell on?

I can see that a sudden large clearout could look like a 'business' to a suspicious mind.

JanineB

Savvy_Sue wrote: »

I could be wrong, and I always hesitate to disagree with you, as you know, but I thought that if you were just selling your own stuff on Ebay you weren't liable to pay tax on it, only if you were buying stuff to sell on?

I can see that a sudden large clearout could look like a 'business' to a suspicious mind.

This is correct I am led to believe. I got a letter from my family accountant back in 2001 to back me up on this. (I was scared cause I was only 16... and didn't know what they hell to say or exactly what I was meant to have done wrong) and they backed off. I've never bought to trade to this day and they were satisfied with that. I was still at school full time and had never had a job. Crazy!

Savvy_Sue

JanineB wrote: »

Please have a look at my post here: http://forums.moneysavingexpert.com/showthread.html?t=1880113

No-ones ever replied to it. I called and basically said all this to HMRC and the said to register so I have.

To be fair, you posted that on the Students board, and students are notoriously ill-informed about tax, IME! (If I had £1 for every student who's said "I'm a student so I don't pay tax" I'd be a happy bunny! :rotfl:)

I'll see if I can get that thread moved over here for you, I can't promise we'll be able to answer all your questions (and I think you know the answers to some of them now) but it might help.

fengirl_2

Yes, you are right, selling your own stuff on Ebay is not taxable. But for the purposes of this discussion, I was trying to make the point that if you have made any money which is taxable and you have a full time job for instance, then you need to notify HMRC. If you have made a small amount of money and have no other income, you don't tell HMRC.
Don't forget that registering for tax clogs up the system unnecessarily and makes it harder for taxpayers to have their queries and repayments dealt with.

JanineB

I think there should be compulsory training in schools for all of this. They should include it in social ed classes! lol. Most people never know the coreect info about all of this.

It would be good if you could get that post moved over so I know what exactly to put on my tax return and what not to include.

The likelihood is that I'll have some kind of regular part time job soon anyway (I hope). I've an interview on Monday and I'll just do the rest to up my income whilst at uni.

It would be helpful to know if I have to declare anything and if so, what, in laymans terms.

Im going to use this board in future for tax questions, so far its been quite a help. Thanks ladies!