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

Paws

skintbint wrote: »

good luck to anybody who finds it! cannot for the life of me find any links and have gooled everything i can think of, will just ask them to send me the leaflets.

googled hmrc allowable expenses and came out with a PDF

http://www.hmrc.gov.uk/guidance/480.pdf

any good?

if not try here

http://www.hmrc.gov.uk/incometax/relief-self-emp.htm

bing0

kosma1 wrote: »

sorry bing0, noticed some new people have been given member numbers on your post, i also want in but think i have been missed, understable, as this is such a busy and fantastic thread, if you get chance, can you please add me

thanks

H there,
thanks for your interest,the members list is updated daily,by Scrooge2008 (thankyou very much).You and anyone else can join now or when you are ready to join.All I'd say is you really really have to want to do it,to get the results.Follow peoples advice on here and you will see a difference on the year.
Dedication is essential in anything you want success in,so if in several weeks time you start lagging behind,tell us and we'll all help you get back on track.

Go for it.........(got to do more listing bye all)

A BIG round of applause to everyone

:T:T:T:T:T:T:T:T:T:T
:T:T:T:T:T:T:T:T:T:T

kosma1

god i wish i was technical, for some reason my computer downloads all these PDF links that are there, but can i open them to see what they hold!!!!! :mad:

perthman

jamespir wrote: »

go to your local library if they are anything like mine they have books on antiques that also contain prices
also visit your local charity shop or jumble sale youll find loads of potential antiques there

also contact your local auction house they can give you info on how to sell

Thanks mate might try this when the snow clears, had an idea of going to car boots and jumble says and charity shops try and pick up some bargins. Now i can get better informed of what to look for :T

skintbint_2

thanks both - am sure it will help everybody on this thread! will be reading with great interest - will not be paying tax on anything unless i have to think they get enough of me as it is!!!

miamoo

lindseykim13 wrote: »

lol doesnt happen to be a springer spaniel does it?

i'm always saying ours is goin on freecylce she drives me mad sometimes:rotfl:

LOL! no a Dobie she is a cutie, but she has spent the whole day crying to play out in the snow!!

I meant to say before the stock I ordered is pet things (a bit of a mixture of stuff) we have spent a fortune on Mia over the years, and they reckon that no matter how skint we are our dogs still get spoiled lol!
Mine does so I'm using my experience of being a dog lover to hopefully pick some bargains!

Paws

Yes I can get quite a lot of pet stock at trade prices but don't have the capital right now to buy, more's the pity.

kosma1

hmmmm, we could do with an accountant to join this thread, ha ha :rotfl:

anyway, i am off to see if i have anything else worth listing on ebay right now, then that will give me a start towards my 10k without even using my initial £100, really can't wait for the stock i have ordered to arrive though so i can really get my teeth into making this work

thanks every one, you are all such an inspiration

nakmeister

The last thing I want to do is turn this wonderful thread into a long discussion about tax, however thought I'd throw in a couple of points to help out.

Firstly, if you currently don't have any income (ignore partners or other family members, just count yourself), then you can earn up to the personal allowance (currently £6,475) without paying any tax whatsoever. Your first £6,475 of income is always tax free. Even above this, income tax is only 20% (unless you are in the lucky position of earning more than 43k a year). Regardless of what your other income is, if you don't earn more than £5,720 from your self-employment income, you don't have to pay any national insurance.

When talking about earnings, I'm really referring to your profit. This is your income less all expenses you can claim. Obviously if you are buying and selling stuff you can deduct the cost of your purchases, postage, packaging and any ebay/paypal/amazon fees incurred etc. Travel is a good one you can claim too. If you travel anywhere which is in any way for your business, such as picking up purchases, delivering stuff, travelling to visit a trade fair etc. you can claim that. 40p per mile if driving, or the cost of trains, buses etc. If you are away for a few hours, claim for the cost of your lunch too. Keep receipts if you can.

The other big cost is 'use of home as office' i.e. if you work from home. Generally you can claim a proportion (at least) of broadband, insurance, council tax, rent/mortgage interest payments, gas, electricity, water. There's a couple of really good pages from the HMRC manuals which are worth a read too:

Some guidance

Some real life examples

As previously mentioned by someone, if selling personal stuff, this is not taxable. Gambling winnings are also not taxable.

Hope this is of some use. It is of course general pointers, no substitute for seeking professional advice etc etc....

perthman

For the moment i am just starting off decluttering and putting stuff on ebay surly there is no reason to pay tax on anything earned from doing this. Also when i do start to buy things to sell i always thought at the end of the tax year you have to make your declerations and pay any outstanding tax, not sure though