We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Business Account & Declaring.
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
So I have been importing some things from China and selling them on an eBay account under a business account, and a business paypal account. Is there anything else I should be doing, or declaring, nothing seems clear, and the last thing I want to do is to get in trouble...
Right now im only making around £20 profit a week from it... and studying full-time at University.
Right now im only making around £20 profit a week from it... and studying full-time at University.
0
Comments
-
You do need to notify HMRC that you are self employed, prepare basic accounts and if tax is to be paid, pay that.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0
-
-
CoraHarrison wrote: »Even if I have another job working part-time along with studying? Should I be able to prepare the basic accounts myself?
If you already have a job then it is almost more important to make sure you declare promptly as you may well be earning in excess of your personal allowances .
The accounts though ar every easy. basically income in, less all expenses (postage, stationery etc) = net taxable profit. If you started before April 2010 then your first tax return will ened to be submitted before the 31st January 2011.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
CoraHarrison wrote: »Even if I have another job working part-time along with studying? Should I be able to prepare the basic accounts myself?
Yes. You have to register within 3 months of starting trading. You should be able to do basic accounts.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards