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

pingua

O.k I am not even half way through this page but how about bras from the hut for valentines day? 90% off some at the moment.

I am too chicken !! Incase they don't sell or perhaps because they may be wrong size and I would be left with a load of bras!!

I am only on page 14 at the moment but my brain is trying to churn - slowly !!

Lilmiss_2

Is it ok if I join in this thread??

I realy need to clear my debts but can afford £100 outlay and I also have lots of stuff here that I could sell on ebay etc in terms of personal stuff:T
I know Im a bit late but would be good if I could join in?

abimonster02

:hello:Hi

Can you add me to the list please? I have been following the thread and can't believe how many pages there are! Loads of useful advice and ideas.

I have ben on a decluttering exercise over christmas so have loads of stuff to sell, not sure it will have any great value but I'll wait and see. Am going to download turbolister and see how I go with that to put things on ebay. I have bought from amazon but never sold on there so will look into that to see if that may be a better option for some of the books and CD's

Is there anywhere on the forum where we can share seller id's? I would welcome feedback on my listings and also the chance to see how others list their items as I am a bit of a newbie when it comes to selling.

I have bought some items to sell on so will see how i go

Good Luck everyone

Eyesparky

nakmeister wrote: »

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....

Thanks for the really helpful post nakmeister. Now I won't claim you've made tax interesting but certainly very informative.

Eyesparky

Lilmiss wrote: »

Is it ok if I join in this thread??

I realy need to clear my debts but can afford £100 outlay and I also have lots of stuff here that I could sell on ebay etc in terms of personal stuff:T
I know Im a bit late but would be good if I could join in?

I think it is a more the merrier thread, so jump on in.

cooki2222

just put first 3 items on ebay. £3.50 cost for the items so hoping for at least money back lol

molit

do be warned though - I am surrounded by about 15 boxes of bric a brac from a house clearance I picked up last night

perthman

Also just incase i have been missed can i be added to the list please.Many thanks

bella2121

nakmeister wrote: »

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....

thanks for this, so with my OH not having a job at the moment i'm better to register for tax in his name to claim his allowance?

Eyesparky

abimonster02 wrote: »

I would welcome feedback on my listings and also the chance to see how others list their items as I am a bit of a newbie when it comes to selling.

The best policy is to spend time looking through listings for the sorts of things you are looking to sell and emulating the things you like and avoiding those that you feel you don't like. You can also check to see what similar items have recently sold for to help give you an idea of pricing with an advanced search. There really is no one size fits all.

My personal experience is, for instance, that for personal items you are selling, a simple, clear and accurate statement of what you are selling along with one (free) or two (small fee) good pictures does the trick. If you were looking to get a presence in a particular market segment against organised sellers, then you will likely need to spend some time working on a professional layout.