Im finally nearly debt free

MrsTinks

Danniboi wrote: »

Dont be affriad to buy something on the cheap you know is worth more to sell it on for a quick profit.

You have my deepest admiration for your amazing journey so far Well done!

But I DO think it needs to be pointed out that if you buy something with the intention of reselling it you MUST declare it! Ebay can and will report to the HMRC if they think a private account is being used to sell things that were bought to sell. And the HMRC do NOT have a sense of humour if you buy to sell and don't declare it and pay the taxes etc... Last thing you'd want is a very large bill from them with fines...

sarahs999

Really glad to hear you have learnt your debt lesson and are saving for the car. WEll done.

Danniboi_2

*Vikki* wrote: »

Wow thats incredible, do you live at home>? How did you do it? Please share

I live in a rented house with my wife and 3 kids, I am so proud of my kids they really pay attention to saving money and even look at the prices in the supermarket my oldest is 6 and shes a little bagain hunter.

they have had to make do with what we could get them and look after there shoes and clothes, admittedly I felt bad for them at times and felt I had let them down, but now I see the light and they will have a good christmas this year. I have one catelogue that I keep in good standing

this has really helped this year, I owe them £250 and I never let it get any higher. Pay some off then get what we need next but always under £250

I think everyone should be able to make an extra £100 a week just selling old bits on ebay etc thats £5200 a year. you lose your weekends though:eek:

But its a good pay rise.

savingmummy

:beer:Well done!!!
Truely amazing, you have done so well - not easy hen you enjoy good things and been used to splashing out. I think you should be VERY proud of yourself and enjoy a new car as a treat :T
Inspiration to so many who are thinking `how am i going to do it!!`.

Danniboi_2

MrsTine wrote: »

You have my deepest admiration for your amazing journey so far Well done!

But I DO think it needs to be pointed out that if you buy something with the intention of reselling it you MUST declare it! Ebay can and will report to the HMRC if they think a private account is being used to sell things that were bought to sell. And the HMRC do NOT have a sense of humour if you buy to sell and don't declare it and pay the taxes etc... Last thing you'd want is a very large bill from them with fines...

Yes I know thats right but I think you are allowed to make about 4k a year if the things you are selling are your own property and on the plus side if you are in debt they have to take that into consideration, as long as they can see you have paid debts with your proceeds and not bought flash cars and fancy holidays.

I was previously self employed so am aware of the tax implications, but certainly you MUST stick to the laws, alternatively you can open a business account on ebay and work from home, you can then declare this to HMRC and should be put into the 3rd tier of tax which allows you to make £6.5k a year on the lowest tax rate. This does depend on your current wages if you break the threshold then you could get a big tax bill so do your home work the HMRC website is really informative and the local tax office can help you with things like this.

MrsTinks

You can sell things that are old things etc like old DVDs and so on - they won't as far as I know care that you used any money towards debts IF you bought something to sell on! I don't know about any limits to the old stuff you can sell - never had that much to flog to be honest :rotfl: so i'll take your word for that. Just know that the minute you sell something you bought with the intention to sell on you should register

Danniboi_2

yes I know what you mean, I was thinking maybe as a one off if you come accross something theres no harm in making a few quid, If you persistantly bought and sold things that would be illegal. Thank you all for your kind words.

clarab_3

Im really really impressed, you're an inspiration to us all.

Butti

'I sold my car and bought a banger for £200 a p-reg corsa lol
it really was a banger but it was relaible and oddly I sold it on to a friend for £250 just recently'

This has really made me laugh - simply brilliant.

B

shadydaz

Excellent work Dannboi.

You, your wife and your children should all be very proud of yourselves.

Truely inspirational.