Any point keeping ebay records?

smittenkitten

How do they know either way?? if I buy something to sell and make a profit how does anyone know its not from under my bed or from a shop that day very confussed

donstermonster

And as i asked before in a previous thread has anybody actually EVER been assessed by the taxman due to Ebay dealings?

To clarify - not that you know someone , who knows someone , you know the old urban legend about a friend who knows somebody who got done by the taxman for dealing on Ebay i mean hard facts from somebody with FIRST HAND EXPERIENCE of being dealt with by the taxman due to Ebay

No thought not

smittenkitten

donstermonster wrote:

And as i asked before in a previous thread has anybody actually EVER been assessed by the taxman due to Ebay dealings?

To clarify - not that you know someone , who knows someone , you know the old urban legend about a friend who knows somebody who got done by the taxman for dealing on Ebay i mean hard facts from somebody with FIRST HAND EXPERIENCE of being dealt with by the taxman due to Ebay

No thought not

true hopefully do not know anyone

Contains_Mild_Peril

Zack-BCFC wrote:

if they check your account and say under items for sale you have 20 new 2gb ipod nanos and 10 xbox 360s then they will just guess that it is resale. basically large qtys will get you investigated if your not declared as a business

Good point, but if you're selling numerous secondhand items of types which one would be expected to own several (e.g. CDs, bric-a-brac, books, clothes) with no two identical items, you will of course spend ages listing them all separately, but the taxman has no way of knowing whether they were bought for profit or whether you had them lying around the house. Small quantities of new items with only one of each might not attract suspicion (people sometimes receive duplicate gifts or buy clothes they never wear), but if you're selling loads of brand new stuff you might have a hard job convincing the taxman you're not a business.