My first unhappy buyer.

Ballistic

Hi. This is not a buisness. I brought 5 phones from a friend who closed his market stall down. I could probably make 200 £ profit if i sell them all. If you really tgink i should declare my self a buisness for the sake of 200£ you probably are abit doo lally.

Anyway its not going well and i will be happy to just get back the money i spent now. :-(

theonlywayisup

Ballistic wrote: »

Hi. This is not a buisness. I brought 5 phones from a friend who closed his market stall down. I could probably make 200 £ profit if i sell them all. If you really tgink i should declare my self a buisness for the sake of 200£ you probably are abit doo lally.

Anyway its not going well and i will be happy to just get back the money i spent now. :-(

You bought something to resell and what's more you bought 5!. You are in the eyes of HMRC a business and as such you should register as such. Whether there are any taxes to pay is another issue entirely.

So, no, you are the only doo lally one here.

Flyonthewall

Ballistic wrote: »

Hi. This is not a buisness. I brought 5 phones from a friend who closed his market stall down. I could probably make 200 £ profit if i sell them all. If you really tgink i should declare my self a buisness for the sake of 200£ you probably are abit doo lally.

Anyway its not going well and i will be happy to just get back the money i spent now. :-(

It could be seen as the start of a business. You are doing business (buying and selling for profit) even if it's just 5 items. You should declare any earnings made.

Ballistic

Hi. Il probably just refund her.

I sent her an invoice thru paypal and she paid that way. Does anyone know if i will get back my paypal fees?

theonlywayisup

If it within 60 days and you refund via the Paypal transaction your Paypal fees will automatically be refunded, bar 20p.

eBay fees will have to be requested via a cancellation or via a case if she goes that route.

Ballistic

Ok thanks for that.

Does everyone here really believe that you should register with hmrc if you are just selling a few one off items? I cant honestly believe that.

theonlywayisup

Ballistic wrote: »

Ok thanks for that.

Does everyone here really believe that you should register with hmrc if you are just selling a few one off items? I cant honestly believe that.

Yes, you should.

What the outcome is might be another matter.

If your income or earnings are sufficient to not take you over the tax threshold then purely registering as such may be enough.

eBay is another matter entirely. But lawfully if you are buying to sell you need to comply with DSR and SOGA if you are selling online.

Flyonthewall

Ballistic wrote: »

Ok thanks for that.

Does everyone here really believe that you should register with hmrc if you are just selling a few one off items? I cant honestly believe that.

You bought to sell and make a profit. That profit is what you earnt doing business transactions, therefore making it taxable (although obviously whether it would be taxed depends on other income).

So yes, people here really do believe that and hmrc would strongly agree. Now whether most people would bother declaring that amount for a one off very small batch of items is another matter.

notanewuser

Ballistic wrote: »

Ok thanks for that.

Does everyone here really believe that you should register with hmrc if you are just selling a few one off items? I cant honestly believe that.

Yes. The benefits you claim are paid for by tax payers. Some if that tax comes from the profits of small businesses, sole traders and self employed people. It's only fair that everybody pay in when required, to ensure there are funds when people need to take benefits out. At the same time those living entirely on benefits should declare the proceeds of enterprises such as yours to endure they are claiming those benefits properly. Otherwise where do you draw the line?

"But I only made £200 profit."

"But I only made £2,000 profit."

"But I only made £20,000 profit."

"But I only made £2million profit."

It also brings into question whether you truly are incapable of working IMO.

Ballistic

Ok i will give them a ring tommorow and tell them. I wouldnt want to get into trouble for anything.