BNWT clothes on ebay.

paul5046

And here is me thinking they were all stolen....................:o

pinkclouds

soolin wrote: »

A myth I'm afraid and I'm surprised it is still going around. Buying items to resell is a business and needs to be declared as such otherwise i'm sure we would all be hobbyists!

I buy and sell collectables, a lot of items are on display in my house until they sell if they are a bit too delicate for mass storage. Yet that is still a business as I buy to sell and most of it goes eventually and i need to pay tax and NI on it when it does.

I stand corrected then! And, no, I don't buy to resell on Ebay - before anyone asks.

I really did think that if, for example, you were employed as a web designer and someone asked you to do a website in your spare time as a one-off then you could just declare the income on your self-assessment form without needing to register as self-employed. I guess either I've misremembered or I've tried to equate it to something that doesn't match up.

soolin

pinkclouds wrote: »

I stand corrected then! And, no, I don't buy to resell on Ebay - before anyone asks.

I really did think that if, for example, you were employed as a web designer and someone asked you to do a website in your spare time as a one-off then you could just declare the income on your self-assessment form without needing to register as self-employed. I guess either I've misremembered or I've tried to equate it to something that doesn't match up.

Being self employed is as simple as just adding it to your tax return so you are not wrong there. However there is a requirement to register with HMRC, but even that is a formality as all they do is offer you courses and leaflets about how to manage a business or how to keep books.

They only tax you when you do your tax return each year.