Advice Needed

[Deleted User]

I started selling things on eBay about a year ago now, not realising that I needed to register as self employed, pay tax etc...

A year on I've now finished Uni. I'm looking to expand and become self employed doing this, however I don't know where to start, I've kept no receipts for nothing, all I can say is that I didn't have a clue.

Where do I go from here?

Who do I speak to?

What fines am I likely to face?

Thanks.

celestius

Are you likely to have gone over your tax limit?

[Deleted User]

celestius wrote: »

Are you likely to have gone over your tax limit?

With that + my wage from my job, yes.

steveE2

Why didn't you take the advice given in your original post 4 years ago?
https://forums.moneysavingexpert.com/discussion/3014104
28-01-2011, 7:11 PM

Business Account & Declaring.
So I have been importing some things from China and selling them on an eBay account under a business account, and a business paypal account. Is there anything else I should be doing, or declaring, nothing seems clear, and the last thing I want to do is to get in trouble...
Right now im only making around £20 profit a week from it... and studying full-time at University.

soolin

19lottie82, we shouldn't be discussing defrauding HMRC here on MSE especially as it turns a minor issue into a serious one if caught and convicted.

RFW

It isn't an 'option', registering is the only thing to do now.

Go and see an accountant, you'll get a variety of advice on here, none of which will be much use to you when the tax inspectors come knocking.

If you are selling on Ebay, they trawl the site regularly, you may very well get away with it, then again they may catch you and fine you, or worse.

[Deleted User]

steveE2 wrote: »

Why didn't you take the advice given in your original post 4 years ago?
https://forums.moneysavingexpert.com/discussion/3014104
28-01-2011, 7:11 PM

Because that was something totally different. It actually ended shortly after that post at which point I did nothing but a part time job.

soolin

Deleted_User wrote: »

Because that was something totally different. It actually ended shortly after that post at which point I did nothing but a part time job.

Two ways of looking at this really. Firstly if you correctly registered yourself 4 years ago as you were advised then you can get accounts in now for the year to 5/4/14. As long as you submit before 31st January online you can claim it is a continuation.

If you didn't register then and are still selling on ebay then it appears you have been constantly trading, albeit with a gap with no income . That is potentially serious, it begins to look less 'accidental' and more fraudulent.

As has been suggested above, if this is the case and you have never registered then get a good accountant an get them to assist with a late and full declaration to HMRC.

F&L

With the end of the tax year fast approaching I would have thought you will struggle to find an accountant to give advice at this time of the year. What sort of turnover/profit have you had from ebay? Have you had anything from HMRC or been asked to submit a tax return?

My accountant told me last week that he is seeing an increase in people selling on ebay coming to him as they've been caught by HMRC. It starts off as a small part-time earner then becomes a business.

RFW

F&L wrote: »

It starts off as a small part-time earner then becomes a business.

There isn't a difference legally. It starts as a business, it doesn't become one.

sequence

RFW wrote: »

There isn't a difference legally. It starts as a business, it doesn't become one.

I think he meant the sellers perception of it rather than actual reality.