paypal and benefits

tyllwyd

plum2002 wrote: »

So if she sells say, her car - that's a revenue stream? or bundles of outgrown kids clothes for a couple of quid, that's a revenue stream? Because I've done both of those and never declared it on my tax return

No, if she sells her car or her kids old clothes neither of those are revenue streams. But if she is buying up cars or clothes and selling those on a regular basis then it is probably trading. It can be a bit of a grey area, it depends on what exactly she is doing.

rogerblack

techspec wrote: »

Troll or not - th op as not stated if its their own stuff or buying to sell.

Without that info your points are null and void.

Someone asked if she needed to declare £10 of premium bonds.Everyone said no - don't be silly. I said yes, you should.

She still blames me for the fact that the £10 premium bond held up her claim for 6 weeks, as the clowns at the DWP wanted photocopies, statements, receipt for purchase etc. Its not always best being upfront about small things.

This was quite incorrect, unless she had 5990+ of other savings.

Icequeen99

sorcerer wrote: »

Selling something on ebay is not earning, if you bought it and sold it at a profit, then it goes against your captial gains tax, but would not be considered as income. Off course the oppostite occurs if u made a loss.

A different story however when it comes from income from stocks and shares, those are earnings.

Of course you can have trading income (earnings) from Ebay. HMRC have just done a campaign to find people who are not declaring online income.

See http://www.hmrc.gov.uk/guidance/selling/examples.htm for example

IQ

techspec

rogerblack wrote: »

This was quite incorrect, unless she had 5990+ of other savings.

This was her only savings - thats why i said clowns.

Clearly they thought she might have a whole stash of premiun bonds.

soolin

sorcerer wrote: »

Selling something on ebay is not earning, if you bought it and sold it at a profit, then it goes against your captial gains tax, but would not be considered as income. Off course the oppostite occurs if u made a loss.

A different story however when it comes from income from stocks and shares, those are earnings.

If only that were true!

I buy stock and sell on eBay and can assure you that HMRC are happy to take tax and NI from me As they do from any other business.

JimmyTheWig

tyllwyd wrote: »

I agree with the posters who says it depends on whether the OP is selling a few of her secondhand possessions or whether she is running a small online business. If she is trading, she needs to think about registering as self employed, paying class 2 NI (if she is above the threshold) and doing a self-assessment tax return.

I too agree with this.
If you are selling something that you bought with the intention of selling it, it is income.
If you are selling your own stuff that you no longer want, it's not income.

Money in paypal counts as capital.

MissPiggy50

I don't think I will tell them, I dont understand tax returns and stuff, I'm just buying stuff frum car boot sales and buying cheap stuff from ebay then resellin them and makin money. It isnot regular so cannot reliy on it for income so i dont want to complikate things.

ps. there are a lot of fuddy duddies on here who need to chilax a bit and stop takin life so serious.

john539

Easier not to go out front door & do anything !

HappyMJ

MissPiggy50 wrote: »

I don't think I will tell them, I dont understand tax returns and stuff, I'm just buying stuff frum car boot sales and buying cheap stuff from ebay then resellin them and makin money. It isnot regular so cannot reliy on it for income so i dont want to complikate things.

ps. there are a lot of fuddy duddies on here who need to chilax a bit and stop takin life so serious.

You're right...why bother. Good luck in your business.

techspec

MissPiggy50 wrote: »

I don't think I will tell them, I dont understand tax returns and stuff, I'm just buying stuff frum car boot sales and buying cheap stuff from ebay then resellin them and makin money. It isnot regular so cannot reliy on it for income so i dont want to complikate things.

ps. there are a lot of fuddy duddies on here who need to chilax a bit and stop takin life so serious.

Yep defo a business and defo taxable. If you don't make much - you may not have much or any tax to pay anyway.