Quick question regarding ebay buying/selling

Dantheyid

This may be a stupid question, but i was wondering if it is legal to buy items from various websites or shops and then sell for a profit on ebay. For example Buying 10 items that are on sale, say half price in Tesco, then selling for more on ebay. (just an example, not expecting to profit from tesco items) Would i have to register myself as a business and pay tax etc? Just a newcomer don't hate on me!

bizzy195

yes loads of people do it on ebay , u dont have to register as a business if selling small quantities ,take a look at moonbid uk aswell

KarleyMarie

You do need to register as a business or you will end up in trouble with the HMRC as they are cracking down on people doing this.

bizzy195

if it just a one off what is the point in turning yourself into a business

Dantheyid

what if i am only selling around 20 items a month?

Jen_Jen1985

if you are buying with the intent to sell for profit you are a business and should be registered as such.

edit: if you are only selling a few items with little profit you prob wont have to pay tax but you still need to be registered

bizzy195

think thats all you can sell as a private seller anyway

[Deleted User]

You would be running a business and accounts need to be kept, only 20 a month is not private sales for most people if you keep doing it

RainbowDrops

bizzy195 wrote: »

yes loads of people do it on ebay , u dont have to register as a business if selling small quantities ,take a look at moonbid uk aswell

Do you own that site by any chance?

bizzy195

no i seen it advertised on facebook so i thought id take a look, but i do like the thought of giving some new businesses in life a chance,so thats the reason of me trying to drum up some business for them,as i have nothing else to do bar from go to bed

lindseykim13

People need to think carefully before dishing out advice.
If you are buying with the intent to sell on even if you don't end up making a profit on it you should be registered as a buisness.
If you are caught you would be in hot water.