Amazon selling and tax issues

cadenza82

Wasn't sure where this post fitted in, so I plumped for here - perhaps someone can move it if they think it would be better elsewhere!

I've been selling on the Amazon Marketplace for about seven years - in that time I've made somewhere in the region of £3,000 selling used books, videos, CDs etc. which have just been lying around the house.

Now though, I'd like to turn this into a 'proper' business by buying stock in and selling it, but I'm a little unsure about what this entails in terms of tax etc.

I am already self-employed as I am a music teacher. I have a separate bank account for this income and an accountant who deals with the tax return etc. If I wanted to start selling as a 'business' on Amazon, would it be right to simply open another account just for that income, and include it with the other accounts and tax return?

David

fengirl_2

Yes, it would be good practice to have a separate bank account for the Amazon sales. You would need to draw up separate accounts as the business is entirely unrelated to being a music teacher.

cadenza82

But it would still count as self-employed rather than a company of some kind; in other words, I would keep the books as I do at present (but separately), the accountant would draw up accounts from those, and it would all go on the same tax return?

fengirl_2

It would only be a company if you set one up and I don't see the need for that if you are not employing staff or taking on other liabilities. The Amazon business would go on your self assessment along with your other income - you would complete a second self employed page for the second business.