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

mambury

woohoo! I've just saved £40!!! I went to look at prices for a MR Site Pro package in order to build my website and found it on ebay at £60 delivered instead of £99 on the mr site website. I jumped at the chance (eats into capital but £40 saved is £40 I can spend on stock!)

Running a bit ahead of myself again but in true MSE style!!

Must list on ebay...must list on ebay....

Mambury

mambury

nixinixi wrote: »

to those considering premium bonds I really wouldn't. You get a MUCH better return on your money from a savings account. A few years ago I had the full amount stashed in premium bonds (Oh for those days!!) for well over a year and my 'winnings' were neglible, and I think I worked out that I could have had double the amount of my winnings in interest over the year....but of course you do have the chance of winning the Big One!! LOL!

very true.... but I suppose a bit here and a bit there might be a better idea!

THanks Nixinixi

cherryJ

OK, well as I'm sure others have said, if you are buying to resell then you really should register as a business. It's not worth the risk of not declaring it, as you could face fines etc, and also Ebay will notice at some point, if you are making a lot of sales on a regular basis.
If you are just selling personal items, you don't need to pay tax on them. But if you buy with the intent to resell for a profit, then you should be paying tax.

I started doing AQA and Mystery Shopping when I was full-time employed, and I registered as self-employed for them. Registering is not complicated & you can do it online.
You can fill in your annual self-assessment online, for something like selling on Ebay, it's not going to be too complicated. I would doubt you will have any VAT issues as you need to have turnover of £68,000 and above.

You won't have to pay extra tax through your current job, you will do your self assessment, and any further tax you have to pay, you will pay seperately. I'm not a tax expert but I am an accountant, as far as I'm aware it shouldn't have any effect on your partner, I don't see why he would pay extra tax. There's a different class of NI for self-employed,Class 2, however if you don't think you are going to earn above a certain amount you can claim small earnings exception, which is what I did. This means you don't have to pay any further NI.

As far as tax credits are concerned, I don't know too much so don't want to advise, but I don't think they would be affected if you are only earning a small amount.

Some useful pages you may want to check out are:

http://www.adviceguide.org.uk/index/your_money/employment/self-employment_checklist.htm#National_insurance_contributions

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

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073875654

Hope that helps you a bit. xx

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!!

moneymabel

mambury wrote: »

woohoo! I've just saved £40!!! I went to look at prices for a MR Site Pro package in order to build my website and found it on ebay at £60 delivered instead of £99 on the mr site website. I jumped at the chance (eats into capital but £40 saved is £40 I can spend on stock!)

Running a bit ahead of myself again but in true MSE style!!

Must list on ebay...must list on ebay....

Mambury

wELL DONE BUT......GET LISTING!!!!!!!!!!!!! OR AMBER WILL GET YOU!!!!!!

I've tweaked my listing for the cars so fingers crossed now :-/

tryingtobegood

nikki2804 wrote: »

7 out of 9 items sold on eBay. :j

Will get some more listed tomorrow.. Found a bottle of Chanel Chance EDT in one of my boxes (from moving 9 month ago) can't stand the stuff but it selling for a good price on eBay. Its unboxed but meh. That and some ghost perfume complete with body lotion.

Got some Kylie perfume too, used a wee bit but not much, is it worth putting this up?

I've been listing a few bottles of used perfume / aftershave and they have all sold. It would be worth a try. HTH

mambury

moneymabel wrote: »

wELL DONE BUT......GET LISTING!!!!!!!!!!!!! OR AMBER WILL GET YOU!!!!!!

I've tweaked my listing for the cars so fingers crossed now :-/

yes mistress Mabel!!

rosybear

Hi all Thanks for all the inspiring ideas and well done on everyones totals so far

I really need to stop procrastinating/trying to catch up with reading this thread and start ebaying etc - have a house full of clutter to clear before I start investing my £100. Still to date I have managed to save £150 this month and have £30 from free scratchcards/bingo which is a good start.

So off to see what treasures I can find - this could take some time lol x

munchki

Well back home again now, nice to see most everyone with that go get em and positive attitude this morning!! We can achieve anything!!!

*vanishes back into the shadows*

moneymabel

Good luck Rosybear..get listing!!
I'm quite getting into this Mistress Mabel persona...don't tell Amber lmao!!
Ok its lunchtime-I'm having a break :-)

jo70mo

moneymabel wrote: »

Good luck Rosybear..get listing!!
I'm quite getting into this Mistress Mabel persona...don't tell Amber lmao!!
Ok its lunchtime-I'm having a break :-)

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

Its been amusing me this morning - glad you are enjoying it.