ebay full time

m00nie

hi all come to pick your brains...

whats needed/best option to turn buying and selling on ebay/carboot into a full time job?

as in if the lines of stock are already known and enough money will be made to do it, what is needed/best option to do .


cheers

soolin

Yes it is possible to earn a full time income on ebay, there are sellers that use my post office that have actually given up jobs as they earn more on ebay than they did working. I also actually work with a woman who earns as much on ebay as she does from her part time wages in an office.

All I make is money that I need to keep my children in clothes..but then I haven't found something that I can source cheaply that sells well.

However, the one thing you need more than anything is stuff to sell that gives enough profit to make it worth your while. If you have that then you are 90% of the way there.

I can't tell from your post whether you have a source of things to sell or not, if you do have a source then there are a lot of sellers on here that cna give you tips for maximising profits and reducing problems. If you don't already have a source of stuff, then you're stuck like the vast majority of us <smile>

Soo

m00nie

hi soo,


thanks for your reply, guess my post wasnt as clear as could be..

i have a source of stuff to sell,and can earn enough to make it pay a full time wage, but im unsure on the next step. as in i know i have to pay tax but what do i pay it as? what do i need to set up to be called? a trader? a business? etc

Hintza

Moonie you will want to keep immaculate records of everything. In the early stages I would probably use excell but this will become very tedious and you probably want to find some accounting software as things pick up.

If I were you I would try it for a month or so and decide whether its for you. This is a lot of hard and tedious work at times. And sometimes you will wonder if its worth the hassle.

I wouldn't get too excited about setting anything formal up in the early stages; just in case you decide its not for you. As long as you have your sales and purchases records and all other costs safely tucked away.

m00nie

hintza thanks for your reply,

i will set up somethinig on excell then for the mean time.

Then say it is for me and i have to set up something formal, what is it that i will be setting up? this is what i want to look into.

cheers

HairyHatMan

You will need to inform the Inland Revenue within 3 months of starting trading or face a £100 fine.

You will also need to inform the appropriate people about your N.I. contributions (The I.R. will tell you who).

You can just classify yourself as a self employed sole trader and you'll have to complete a self assesment tax return each year.

Make sure you keep each and every receipt associated with your business and set up an ebay account and paypal account soley for trading.

mcwarre

Also ensure that you claim for phone rental (for customer service), fuel (to and from the post office), stationary etc; there are lots of others. It may be worth considering (depending how successful you are) setting up a limited company; pay yourself the minimum wage then all other profits go to the company. This is taxed at corporation rate which is less than income tax (after the first few thousand) and pay yourself dividends. Totally legal.

It may be worth asking (paying) a good accountant for advice in the first year. Note everything they say then DIY next year....

angelcake

Think they have said it all above! so Good Luck!

..although you say you have a source! could you not buy a small amount at first and try it out...see how well the item goes and if it doesn't work out you have your job still and you can sell the rest at car boots etc!!

m00nie

big thanks for all the advice..

can now look at setting it up now i have a good idea on where to start..

cheers

1jim

check out these sites for some useful advice

http://www.inlandrevenue.gov.uk/startingup/

http://www.businesslink.gov.uk/bdotg/action/layer?r.s=m&topicId=1073858805&furlname=startingup&furlparam=startingup&ref=http%3A//www.inlandrevenue.gov.uk/startingup/&domain=www.businesslink.gov.uk

the latter is very good

hope these help

jim

Yoshii

1 jim

what kind of stuff do you sell on ebay and is it easy to sell stuff on ebay and what is your web site address. i admit to be a complete novice but selling stuff on ebay does intrigue me.

thanks

Yoshii