Ebay...can you make a regular income

nexus2011

There is market saturation on ebay with many stores selling online.They will undercut most people and the margins are very tight.Also at the moment the tax office is going through all ebay transactions as they reckon there is millions of pounds in lost revenue from people not declaring an income from ebay.

sb44

nexus2011 wrote: »

There is market saturation on ebay with many stores selling online.They will undercut most people and the margins are very tight.Also at the moment the tax office is going through all ebay transactions as they reckon there is millions of pounds in lost revenue from people not declaring an income from ebay.

Am I correct in thinking you can sell used things on ebay ie toys, clothes, odds an sods etc without having to declare anything to the taxman?

I am talking up to £2,000 in a year.

Ta.

nexus2011

HMRC use tests called badges to help identify trading as a business. The following "badges" are applicable to frequent eBayers who are enjoying an income online:

• Profit seeking motive - an intention to make a profit.
• A systematic number of transactions.
• Transactions are similar to those of an existing trade carried on by the seller.
• The asset is sold in a way typical of a trading organization.
• The asset is brought and sold within a quick space of time.
• The asset is purchased in order to resell it.

sb44

nexus2011 wrote: »

HMRC use tests called badges to help identify trading as a business. The following "badges" are applicable to frequent eBayers who are enjoying an income online:

• Profit seeking motive - an intention to make a profit.
• A systematic number of transactions.
• Transactions are similar to those of an existing trade carried on by the seller.
• The asset is sold in a way typical of a trading organization.
• The asset is brought and sold within a quick space of time.
• The asset is purchased in order to resell it.

Well, selling whatever junk (to me, hopefully not to others!) I can find in the house counts me out of that lot then.



Ta.

nexus2011

Well you will soon find out if they send you a letter.It is always wise to ask the tax office first before you get a letter demanding back tax.

scooby088

Have you ever thought about selling through facebook, just create a selling page for any items, you can still use paypal, and you bypass the ebay sellers fees.

one2escape

One of the nest things to do if you go down this road if the item you sell is something you buy again in the future is to setup a website as well. When you sell an item place a flyer in with it with a link to your website. Nice and simple

lincroft1710

sb44 wrote: »

Any mums out there who want to make a bit of pin money on ebay, remember you can list 100 items a month without paying any listing fees.

They must be auction format and not have a start price of more than 99p.

I know it isn't a lot to some on here but if you manage to make £5 a day

What about non-mums who want to make some cash?

If you manage to make £5 a day from unwanted household items, that's good going.

custardy

sb44 wrote: »

Am I correct in thinking you can sell used things on ebay ie toys, clothes, odds an sods etc without having to declare anything to the taxman?

I am talking up to £2,000 in a year.

Ta.

you can sell your own items used
if you buy to sell,then duty is due

sb44

lincroft1710 wrote: »

What about non-mums who want to make some cash?

If you manage to make £5 a day from unwanted household items, that's good going.

Oops! sorry, anyone who is skint and wants to surprise their other half with a few quid at the end of the month.

You haven't seen how much stuff we have aquired over the years, the loft is jam packed. Never move from a 4 to a 3 bedroomed house unless you have a clear out first .

It's surprising how much you get for things on ebay.

I put some of those Lego Star Wars toys on that were free with the Daily Mirror and got £10+ in total for 4 of those!