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

Amara

Amara wrote: »

Hello! I started mine: I've listed a bid bird cage. We had it after our parrots . I've priced it £5. Let's see what's going to happen.

Cage didn't sell. I've relisted it fr 99p to avoid the charges.

easy

Look guys, lets not get too hung up on what a 'business' is. It goes like this.

If you buy things with the intention of selling them for profit, then you are in business as a sole trader, it's as simple as that. Record all the amounts that you spend on items to sell, as well as amounts spent on packaging materials and postage. You MUST keep any receipts you are given (preferably in date order in a file/ringbinder).

Also record the amounts you receive as payment from your sales. You may put the money in your own bank account - it's your money after all - or you may prefer to open a different account in your own name to keep the money in. There are no HMRC rules about this as a sole trader, as long as you keep good records of where the money comes from (your bank may object to you using a personal account for business purposes, but they're unlikely to notice until you are making sales of several hundred pounds every month).

Technically you should register as self-employed with HMRC when you decide to start buying and selling. You should certainly do so as soon as you realise you are likely to make a profit. You will receive a tax return to fill in each year, in which you declare all the funds you have received from your sales, less your 'costs' (the money you spent on stock, postage & packaging. You may also be able to add some costs for mileage/fares to post offices or buying venues). The difference between the figures is your profit, and is added to any other income you have to determine how much tax you should pay. - I always recommend my sole traders try to save 1/3 of any profit they make, to meet the tax bill they will receive at the year end.

Byatt

Amara wrote: »

Cage didn't sell. I've relisted it fr 99p to avoid the charges.

Sorry about the bird cage; I think everyone is out enjoying the weather.

I've put on an item today, but think I may have messed up as didn't research enough! Still lesson learned, I hope...

rewass

on the subject of ebay...has anyone ever took part in hat paypal money making thing, where u send an email to everyone on ebay u've done business with, with a list of 5 email addresses and yours at the bottom, asking them to pay say £1 or £3 into the email address at the top's paypal account, then resend the email, deleting the top email address and putting yours on the bottom. the theory being that eventually your email address reaches the op and u should make quite a bit of money. if u've tried it have u made anything? i did once after someone sent me an email but never made a penny :-/

taxsaver

Good grief that's one of the oldest scams going, well pre-dating the internet and paypal.

rewass

it was a while ago n didnt realise it was a scam at the time, no wonder i never made anything :-/ this thread is interesting tho n might be worth trying, think i'll have to check out the charity shops :-) xx

ashleypride

easy wrote: »

Look guys, lets not get too hung up on what a 'business' is. It goes like this.

If you buy things with the intention of selling them for profit, then you are in business as a sole trader, it's as simple as that. Record all the amounts that you spend on items to sell, as well as amounts spent on packaging materials and postage. You MUST keep any receipts you are given (preferably in date order in a file/ringbinder).

Yup, and also people shouldn't forget by trading they need to abide by consumer laws - SoGA and DSR for example.

Amara

Hello!
I sold bird cage, 99p. I'm happy I sold, dispointed so cheap. I need to make apound profit on the next step.

Byatt

Amara wrote: »

Hello!
I sold bird cage, 99p. I'm happy I sold, dispointed so cheap. I need to make apound profit on the next step.

Well done! :T Hope you charged enough for postage!

How long did you list it for?

Amara

Byatt wrote: »

Well done! :T Hope you charged enough for postage!

How long did you list it for?

1 day, pick up only though due the size.