The turn £100.00 into £10.000.00+ by the end of 2010 official thread

Sally22_2

Just put 10 items on eBay and 2 are being bidded on already

Budweiser_072000

ah ok cool thanks, would you know if i have to pay extra tax because i already work 1 day a week employed?

mambury

spike2012 wrote: »

before I get mobbed, correct me if I'm wrong, but I believe ebay is classed as private selling, meaning no tax to be paid on what is sold. :rolleyes:

It is not an auction house, but just a place that puts buyers and sellers together.

yes and no...

if you are selling your own stuff e.g a cd/dvd that you no longer want then you don't pay tax, but if you buy that cd/dvd with the intent to sell it on then you have to pay tax on the profit you make.

Best bet is to keep good records of what you buy, how much for, fees involved in selling it and what profit you make.

Have a look at the ebay forum on here
http://forums.moneysavingexpert.com/forumdisplay.html?f=40

there are plenty of very experienced ebayers some who sell as a business and some that dont.

HTH

Mambury

PS - Budweiser- make sure you read the T&C on ebay, fees, etc to make sure you have a head start! It might seem a faff to start with but it will make your life a lot easier in the long run.

yukkibear

Chelle22 wrote: »

Happy New Year to everyone on here

I was just wondering if anyone could suggest a good blogging website where you can add advertising and so make some money through blogging?

Thank you in advance x

Blogspot is a good free one and you can add google ads etc. It's not a get rich quick scheme but you can get something from it if you are consistent with your blog.

I started with blogspot and then went to my own domain. Don't make anything from it yet but that wasn't the reason I did it so anything I do get will be a bonus. The lonk to my homepage is in my profile if anyone wants a nosy.

spike2012

Budweiser_072000 wrote: »

ah ok cool thanks, would you know if i have to pay extra tax because i already work 1 day a week employed?

Not being rude, but I dont think your 1 day work a week will go over the personal threshold of about £6,000

You need to earn more than £6,000 to pay tax. If you currently pay tax on your one day a week work then ring HMRC. They are very friendly with advice about wether or not you could claim back your tax.

Also.

"If you qualify as a non-trader, this means you are not buying and selling goods online with the intention of making a profit," says the guide from HM Revenue and Customs. "Are you selling unwanted presents? Do you occasionally sell personal items, such as old vinyl records or a sofa?"
"As long as you are not buying goods with the intention of selling them at a profit, you are not regarded as a trader," it says. "This means you do not have to notify us and declare the income on your tax return."
Some people will qualify as e-traders, though, according to the guidance. "You are trading if: you sell goods that you bought for resale; you make items yourself and sell them, intending to make a profit; you sell or buy goods for other people and receive money for this (for example on commission), or you provide a service and receive payment (in cash or in kind)," says the guide.

yukkibear

Budweiser_072000 wrote: »

ah ok cool thanks, would you know if i have to pay extra tax because i already work 1 day a week employed?

You have to pay the tax, but as your earnings are low you will still only pay the 20% tax on extra earnings unless you go over a certain figure during the whole year. The hmrc website has all the details.

lauraj87

Love catcvhing up on this thread, made my first £12.50 today by selling something on eBay. It was a bit of a test as I have 4 more to sell so just seeing how well it sold first! Also got a couple of Philip's pink CD players to sell one of which is on eBay at the moment so I hope they end up selling. My OH Christmas present was a weekend away, I have bought the stay in the hotel but we need spending money so need to raise the money for that!

Happy New Year all

TurkishDelight

Very glad to see sensible taxation and business registration advice on here by the way. :T

It is one of my pet bugbears to see people buying and selling things with no intention of registering or paying tax.

Budweiser_072000

thanks everyone for the help, that clears it all up for me, lol no its ok im not earning over £6k on my one day a week, if only! gonna start looking for a good wholesale deal.

corrig24

count me in please I like the sound of this challenge.