Turn £100.00 into £10.000.00+ by the end of 2010 official thread PART 2

LittleMissHappy_2

mirry wrote: »

omg I just won £100 on BingoBritain , so I took the money and run , its now in my account . So I have earnt £170 in 3 days from that and ebay and amazon. woo hoo !!!

Well done Mirry :beer: Really pleased for you :T

LittleMissHappy_2

BlueCow1975 wrote: »

Right folks, can I just have a little bit of "general" advice here.

Just had a minor disagreement (ok - blazing row :rotfl:) with my husband about E Bay and registering as a business. As far as I can see if I intend to buy things to sell on at a profit then I need to register as a business on E Bay and also declare this to the taxman, which invloves declaring being self employed and filling in an annual self assessment form. I am just getting my head around this, but figured I will then need to pay tax on profit only & obviously VAT issues won't affect me as nowhere near the limit for that.

I am already employed and pay tax and NI via my employer, so not sure if I have to make any extra NI contributions.

My husband has flipped over the prospect of me doing the above, calling me "stupid" :mad: (don't worry.....he will pay dearly for that remark ). He is ranting on how all this will result in him having to pay more tax (my perception - utter rubbish!), the potential loss of child tax credits (which currently around £34 a month anyway) and he said I may get taxed more in work - which I cannot see being the case?

He is basically saying stay as you are (ie private user) and do not register as a business for the small amount of buying and selling that I would potentially be doing anyway. He then gave me the "everyone is on e bay and not declaring tax" rant. He then stomped upstairs muttering something about all this hassle to make 30p a week etc etc etc :mad::mad::mad:

Just wondered what peoples thoughts are really and if anyone can give me a little pointer as to how lengthy / hassle like the process is. My perception was that it was fairly straight forward - few forms, keep your records, fill in annual form, pay tax bill in profit & job done. Am I being niave?

Apologies if these issues are already covered in length but I am STILL only catching up on Thread 1 lol!!

Sorry Bluecow Don't have any answers for you I'm afraid....I agree that if you are buying to sell then you need to register with the tax man, I have yet to do this, but haven't sold anything I bought to sell, iykwim, am waiting until I am brave enough to fill in the form I do think it's relatively straightforward for us folks just starting out though. Hopefully somebody will be along soon that can clear up our confusion

SEASHELL

Been down with flu for the last while but I have been keeping up with the thread and you've all kept me going with your great ideas and motivation.

Sorry to see sparky bowing out. I've loved your wonderful insightful posts. Hopefully we'll have you back at some stage xx

I've been doing ok with ebay , just been selling stuff from around the house, normally I'd just have given it away. I've also been trying to set up a new business. It's a bit of a specialised market but I've already had some interest and will hopefully make my first sale this week.

skintbint I was at my local flea market today and there was a lady who sold occasion cakes and made me think of you. She had a photo album with all the different cakes she made on the table. She also sold cake making accessories and books. She was selling cupcakes, the fancy ones with swirly icing for £1 and she sold out within 2 hours. She said she had brought 100 cakes with her. She seemed to do quite well, everytime I passed her stall she was quite busy. Not sure if that info is any good to you, sorry for waffling:o

SEASHELL

mirry wrote: »

omg I just won £100 on BingoBritain , so I took the money and run , its now in my account . So I have earnt £170 in 3 days from that and ebay and amazon. woo hoo !!!

Wow well done.:j BB has been rubbish for me:o

elly68

Hey is it amber that uses the virtual whip thought id let her know thers a job lot of whips going on the last minute ebay site http://www.lastminute-auction.com/uk/go.php?id=230630603:rotfl:

skintbint_2

:think:thanks seashell,sorry to hear you've been feeling under the weather and good luck with the new business, let us know how you get on.
i have started my album - free prints from one of the photo sites, brilliant idea regarding the accessories and books - they can be so expensive so now i've gone from an odd novelty cake, to cake, cupcakes, accessories and books - me thinks there may be a genuine career and business here, had thought of doing lessons
this is the way i'd do it i bake the cakes take them to the classes and get customers to decorate them but give them a choice of two cake styles and limit the classes to possibly 3, nearest day courses to here for the same thing are about 90 miles away and they chage £110 with no choice of cake style.

LittleMissHappy_2

Sorry you haven't been feeling too well Seashell

On a positive note I have made £175 on eBay today and still got a little item to go and that was all stuff I had around the house that I needed to get rid of!!! I thought I was the clear out queen and always got rid of stuff we didn't need straight away, but obviously not! Now onto the packing and labelling.


I may be some time.....:D

EMminently

Skintbint - do you have any pics of your cakes? I'd like to see them. I think the lessons are a fab idea :T

skintbint_2

EMminently wrote: »

Skintbint - do you have any pics of your cakes? I'd like to see them. I think the lessons are a fab idea :T

thanks for taking the time
these are the ones i did for christmas - had never done one until October and the footballer was the first
http://www.photobox.co.uk/my/album?album_id=275854616

LittleMissHappy_2

Quick update - then really will have to do my packing etc

Just remembered that Amazon have sent me £48 from my sales this week (I think they send them monthly, but I've only been doing it for just over a week) and my final total from eBay today is £181.82

So will update my sig, then do the hard bit!

Richbint - tried to look at your page, but it's not there