Do I need to register to HMRC as a business, or pay tax?

belfast88

Do I need to register to HMRC as a business, or pay tax?

Edit: I've registered with HMRC, thanks all!

Tigsteroonie

Do you pay any tax elsewhere (e.g. having a PAYE job)?

Another thing to think about too, if you're paying someone else £10 to do some of the work, is "Are you an employer"?

Sorry, just questions that occurred to me. I will watch for an educated response from someone in the know!

kurgon

I think you are OK - start worrying when your turnover reaches £79.000

steveE2

Yes you do need to register with HMRC
There's a good advice link here
▶ HMRC - Am I Trading or Not? - YouTube

pinkshoes

Anything bought then sold on for a profit is a business, so yes you do need to register.

As you don't have any other earnings you wont have tax to pay, but it might be safer to register.

Flyonthewall

You're buying to sell. That makes you a business and you should be registered with HMRC and declaring all earnings. Doesn't matter how much you're buying and selling, it's still a business.

You should also have a business account on ebay really if you haven't already. Due to the amount of money being so small you probably won't be taxed on it (assuming from above you've no other income) but you still need to declare it.

TKPeters

YES, even if you do not make profit, as your buying item to sell, the eBay/Paypal fee's & other payments are all tax deductible.

Under £60k & the Self-Cert return is easy & the £79k figure is when you need to be VAT reg'd

19lottie82

kurgon wrote: »

I think you are OK - start worrying when your turnover reaches £79.000

This is wrong. You are thinking about VAT.

The OP needs to register with the HMRC as a sole trader and declare his income and expenses.

If this is his only income he won't have to pay tax but he still needs to declare what he is selling.

MIDLANDER

You must notify them within 3 months of starting.

As said already, you still wont have to pay tax, but you need to register anyway.

tracie_80

Yes you do and do it quick.
I have just posted something similar on a different thread.
You are expected to register, even if you are making a loss.
Don't delay in registering.
There is going to be massive checks taking place shortly.
Also if you a paying someone any some of money, then you are technically employing somebody.
£79,000 is for paying VAT!

CKhalvashi

As above, it needs to be registered.

CK