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When does a hobby turn into a business?
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JethroUK
Posts: 1,959 Forumite
At what point does selling a few things become a business?
When will the "Edit" and "Quote" button get fixed on the mobile web interface?
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As soon as you buy something with the intention of selling it for profit (whethwer or not you achieve a profit!) If you are selling thigs you have bought for yourself, but no longer need, then never.0
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I would also add that if you make things and sell them, then that is also trading.
There is some notion on other boards, that there is some sort of exemption for hobby sellers, but there is not.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 -
Your answer is on the other boards, Jethro - given that people over there can see your account, you are definitely a business.
To be fair on the other boards, though, Soo, maybe that view was current at one time, but not since 2008 and the CPUTRs making it illegal not to declare one's business status."Well, it's election year, Bill, we'd rather people didn't exercise common sense..." - Jed Bartlet, The West Wing, season 4
Am now Crowqueen, MRes (Law) - on to the PhD!0 -
A lot of those people who do it for fun and don't make a profit would likely benefit from being registered as a business for tax purposes..0
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At what point does selling a few things become a business?
Selling a few things, or selling multiples of new and sealed x-box games...?
just because you didn't get the answer you wanted on the Seller Central boards, doesn't mean you will get a different answer on the MSE forums.
And using the same MSE ID as your ebay ID is probably not prudent.<--- Nothing to see here - move along --->0 -
stevew8975 wrote: »Selling a few things, or selling multiples of new and sealed x-box games...?
just because you didn't get the answer you wanted on the Seller Central boards, doesn't mean you will get a different answer on the MSE forums.
And using the same MSE ID as your ebay ID is probably not prudent.
Ah, its that one!
I mentioned in the HMRC thread and others that there are a number of people on community boards quite insistent that they are not a business when they blatantly are. Here on MSE at least we are anonymous to some extent (or the savvy ones are). On the boards it just seems like a bad idea trying to stay under the radar when you show all your auctions openly by not using a posting ID.
Making it very easy for HMRC reallyI’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 -
* cough * Where's the HMRC rep when you need them? * cough *. Selling multiple brand new and sealed copies of video games makes you a business.They deem him their worst enemy who tells them the truth. -- Plato0
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I would be wary with this user. He only listens to answers that suit him. A quick history check shows that.One important thing to remember is that when you get to the end of this sentence, you'll realise it's just my sig.0
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Aw, did I miss something?One important thing to remember is that when you get to the end of this sentence, you'll realise it's just my sig.0
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I think having an Amazon Store may also be a good indicator that the hobby has progressed somewhat...<--- Nothing to see here - move along --->0
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