Making Ebay part of your income

hubballi

I am already registered with the Inland revenue so all I need to do it get the Ebay business side sorted out and start finding things I can buy and sell which is the next problem.

KarleyMarie

I registered with inland revenue about 2wks ago..and not recieved anything? Is it worth chasing up or shall I leave it?

Dont want to get in trouble for things already on ebay >.<

hubballi

Well, I have taken the plunge and committed to being a business seller. Bit scary as there is no going back. I can now go out and buy things to sell and not worry if I am doing anything wrong.

One more thing, what about VAT as I am not registered. Should I be ?

cazmanian_minx

Congratulations :beer: You don't need to worry about registering for VAT until your annual sales hit (off the top of my head) £68,000.

Caz

hubballi

Thanks Caz. No, not quite at 68k yet :rotfl:

So my ebay listing fees don't change but I will be charged more in my Ebay fees at the end of the sale ?

cyberbob

hubballi wrote: »

One more thing, what about VAT as I am not registered. Should I be ?

You can if you want to you dont have to unless you have a really high turnover

http://www.hmrc.gov.uk/vat/

soolin

hubballi wrote: »

Thanks Caz. No, not quite at 68k yet :rotfl:

So my ebay listing fees don't change but I will be charged more in my Ebay fees at the end of the sale ?

No FVfs do not increase, in some sections they decrease. Listing fees are the same except that you don't get the free sub 99p listings.

blue_monkey_2

Pull a report of how much you receive in each moth in Paypal BEFORE fees. This is your turnover, not what is left after buying and fees. You can take a report in spreadsheet format from Paypal that hows the money in, fees charged and payments. Simply total them at the end and you will have your figures.

Even if you earn over 15k it is relatively simple to do your own book keeping too.

To clarify, your turnover is Sale amount + postage, not just the amount you sell for on eBay.

Seperate your business and personal money by having 2 accounts. I can vouch that it get's very messy otherwise.

firesidemaid

hmrc should offer you a selection of free courses when you register as a new business - including a half day on all aspects of your tax return, which i found immensly helpful regarding selling on ebay.

blue_monkey_2

ApplePie wrote: »

you can only have 1 papal account i would think

You can have as many as you like as long as they are different bank accounts and different email addresses.

I have got 2 paypal accounts - one linked to my personal account and one linked to my business account. If you have more than one bank account and more than one email address then you can more than one Paypal account. Both are in my name Mrs x.