Make £5k in 12 weeks? who is up for a game?

easy · 9 April 2011 at 6:42PM

Cornish_piskie wrote: »

Personal tax threshold is now £7470 I think so, yes, my post only applies to those going over that

thats your tax threshold for all income, so if you have a job or benefit income, you need to add your obeying profit to that.

easy · 9 April 2011 at 6:44PM

Yes I'm definitely going to have a go at this.

I'm really impressed by the poster who says they make 12 - 19 k at this.

Cornish_piskie · 9 April 2011 at 6:46PM

thats your tax threshold for all income, so if you have a job or benefit income, you need to add your obeying profit to that.

Yes, that's what I meant - sorry if that wasn't clear

Also, I'm not sure where people who claim CTC stand - do they have to declare any and all income from business ventures?

rictus123 · 9 April 2011 at 6:56PM

rictus123 wrote: »

Iv tried this starting this morning and have invested £500 into something....big risk!

Turned £500 into £911.46 today. Money in bank now and will be cleared in a few days.

Now task for rest of year is to double £500 at least 5 more times = an extra £2.5k and il have completed £11k in 11 challenge.

Hannah_10 · 9 April 2011 at 7:07PM

Something isn't a buiness venture though until it hits a set turnover. If it was we'd all be breaking the law every time we pitched up at a car boot sale. We need someone from the tax board to come over and clarify this stuff really, because I really can't believe that we would be expected to declare tax for participating in an eBay doubling game.

Cornish_piskie · 9 April 2011 at 7:14PM

Sorry Hannah, that's not correct. I'm not a tax expert at all but I do know that you are able to sell your own second hand stuff on, be it at a car boot sale or eBay with no affect to income tax.

However, once you start buying items specifically to sell on you become a 'business'. And being a business doesn't necessarily mean turning a profit.

Hannah_10 · 9 April 2011 at 7:20PM

And at what threshold does a business begin to pay tax CP?

NiceGuyEddie_2 · 9 April 2011 at 7:21PM

Hannah_10 wrote: »

Something isn't a buiness venture though until it hits a set turnover. If it was we'd all be breaking the law every time we pitched up at a car boot sale. We need someone from the tax board to come over and clarify this stuff really, because I really can't believe that we would be expected to declare tax for participating in an eBay doubling game.

The first part of your post, regarding 'a set turnover' is not true. If a person buys something to sell on, or provides a service, and operate with the intention of making profit then they are operating a business regardless of whether their turnover is £50 of £5,000. It is the level of taxable profit (as opposed to turnover), when combined with any other taxable income (be that a salary, pension, taxable benefits or whatever) that determines the tax position of the profit.

You may 'only be participating in an eBay doubling game' but the intention of the 'game' is to make money, is that right?

Cornish_piskie · 9 April 2011 at 7:25PM

As I said, I'm not an expert on tax so I can't answer that question - though I expect a quick google will find it!

Profits can't be dismissed for tax purposes if you are over your personal threshold though just because it's labelled a 'game'.

The important thing is that the suggestion in this game is to buy items to sell on. If it's just the fact that they are second hand and it doesn't seem like buying stock so shouldn't be classed as income then everyone in the land would want to be an antiques dealer.

FOURCANDLES_2 · 9 April 2011 at 7:36PM

As has been stated once you purchase items for re-sale you are operating a business , and as to the car boot comment by one poster the fact is many car booters are breaking the law it is just difficult to catch the small fry doing it and easier to catch the bigger guns doing it. Many e-bayers also are breaking the law One thing e-bayers fail to remember is they have a paper trail that can be followed right up to their front door where as a car booter you do not as it is mainly cash that you deal in . That is why if you ever say to a carbooter who you see doing well every week ie 2-300quid when you suggest ebay the answer will always be naaa to complicated or you have to set up all these accounts etc etc loads of excuses but you and they are aware their stock would realize more profit on line.