Selling stock from old business?

seashore22

Atidi, I appreciate your comments, but there was absolutely zero chance of me ever paying tax. I don't think you quite appreciate the size of the business. When I say tiny, I mean tiny. I am in no way defrauding the tax man.

In any case I did everything I could to make sure I was legal and not at all dodgy because that was very important to me. If I was willing to risk a car boot sale without informing HMRC then I would have done it and not come on here for advice.

I don't pay tax by the way or receive benefits, if that helps.

I do appreciate all the help.

zygurat789

seashore22 wrote: »

Atidi, I appreciate your comments, but there was absolutely zero chance of me ever paying tax. I don't think you quite appreciate the size of the business. When I say tiny, I mean tiny. I am in no way defrauding the tax man.

In any case I did everything I could to make sure I was legal and not at all dodgy because that was very important to me. If I was willing to risk a car boot sale without informing HMRC then I would have done it and not come on here for advice.

I don't pay tax by the way or receive benefits, if that helps.

I do appreciate all the help.

Go sell and enjoy the last fruits of your business without fear.

Atidi

seashore22 wrote: »

Thanks everyone.

I'm sure the Macmillan would love a bag of padded hearts to sell. Being on hold to HMRC, if I ring them, would probably wipe out all of the £50 anyway, if my previous experience is anything to go by.

As I said, seek professional advice. They usually save you more than they cost (and their costs are tax deductable too)

Atidi

seashore22 wrote: »

Atidi, I appreciate your comments, but there was absolutely zero chance of me ever paying tax. I don't think you quite appreciate the size of the business. When I say tiny, I mean tiny. I am in no way defrauding the tax man.

In any case I did everything I could to make sure I was legal and not at all dodgy because that was very important to me. If I was willing to risk a car boot sale without informing HMRC then I would have done it and not come on here for advice.

I don't pay tax by the way or receive benefits, if that helps.

I do appreciate all the help.

I don't understand.

Are you saying you are evading tax?

Or are you saying you never had a business, in which case why did you tell HMRC you did???

seashore22

zygurat789 wrote: »

Go sell and enjoy the last fruits of your business without fear.

Nice thought, but honestly it would be sods law that HMRC pick that boot sale and that day to go trawling for dodgy sellers. I couldn't live with the guilt. They would only have my word for it that it was a one off event and having written it on here I now realise that having to phone HMRC and fill in another tax return really isn't worth the hassle.

seashore22

Atidi wrote: »

I don't understand.

Are you saying you are evading tax?

Or are you saying you never had a business, in which case why did you tell HMRC you did???

What are you talking about? I had a business, I didn't make enough profit (by a long way) to pay tax, I don't have a paid job, I registered as self employed, I kept accounts, I filled in a self assessment tax return every year. What do you not understand? I've never evaded tax in my life.

You have to make a certain amount of profit before you pay tax. If you make things to sell you have to register as self employed. It doesn't mean you have to pay tax though.

Are you just being goady?

zygurat789

seashore22 wrote: »

Nice thought, but honestly it would be sods law that HMRC pick that boot sale and that day to go trawling for dodgy sellers. I couldn't live with the guilt. They would only have my word for it that it was a one off event and having written it on here I now realise that having to phone HMRC and fill in another tax return really isn't worth the hassle.

If you don't pay tax what is the problem? I can't see £50 taking you voer the threshold of £10,000. Your £50 will be added to any pension or salary if the total is still under £10,000 you wont owe any tax.
I don't really understand why you think you will be doing anything wrong.

seashore22

Because I made the items and to sell handmade items you need to be registered with HMRC as a self employed business. I know lots of people do it, but I'm a cautious person by nature, I won't miss the imaginary £50 I might make and the charity may make some extra money out of it.

Also I informed the tax man that I was no longer trading.

Thanks for the help zygurat789

zygurat789

seashore22 wrote: »

Because I made the items and to sell handmade items you need to be registered with HMRC as a self employed business. I know lots of people do it, but I'm a cautious person by nature, I won't miss the imaginary £50 I might make and the charity may make some extra money out of it.

You've not got that quite right.
You registered because you were trading, you are NOT now trading even if you sell the last of the stock.
Lots of people do the odd bit here and there and declare it in a letter as I said you could do in my second post. You do NOT need to register. HMRC will adjust your code number, do you have one, from what you say you will still not pay tax. No problem, sorted, sell, report amount to HMRC do not pay tax. It's legal and how you should do it.

seashore22

Ok I will look into that.

Atidi threw me a bit with some of his posts and I wasn't really concentrating. Sorry