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Quick tax question
Masomnia
Posts: 19,506 Forumite
I've spotted a bit of a gap in the market on ebay and think I could make a few quid.
We're talking hundreds, not megabucks at all.
ATM I'm not a taxpayer, in fact this tax year my taxable income is nil apart from some interest on my current account (which now I think about it I've been paying tax on).
Just need to know if I still need to register with HMRC even though there's no way I'll earn enough to be due to pay any tax.
Cheers.
We're talking hundreds, not megabucks at all.
ATM I'm not a taxpayer, in fact this tax year my taxable income is nil apart from some interest on my current account (which now I think about it I've been paying tax on).
Just need to know if I still need to register with HMRC even though there's no way I'll earn enough to be due to pay any tax.
Cheers.
“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
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Comments
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Registration is still required. Depending on your circumstances you may wish to pay self employed national insurance contributions which are much cheaper than voluntary contributions. You may also wish to opt out of paying any at all due to your low profit level.
Any interest that has been paid net by your bank to you can have the tax reclaimed on it. Speak with the HMRC regarding that.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Cheers. I suspected as much.
If I can opt out of paying NICs I will, I'm happy to pay what I owe but I don't want to pay any more! Got many working years ahead of me to pay my stamp.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
If you haven't sold on eBay for a while I suggest you read up on some of the changes . things like 10% FVFs on the total sale price + postage can eat into profit margins, as can the size restrictions on Royal Mail postage.
Have a read of the sticky postage thread on the eBay board to ensure you understand the postal requirements for seller protection.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
Thanks S. Yeah I read about charging on postage, think it's a massive con but what can you do?
It's small, low value items, so I should be ok. Should be
I'm not even sure it'll work hah. I think what I'm going to do is have a go, and keep full records of everything, then if I do make any profit ring HMRC.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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