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Ebay self-employed advice
Comments
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Thanks for clearing up the 'loss' side of the tax. I was just curious as to how to record an item selling for less than it's initial cost/purchase price. It seems as long as I factor in all expenses and all sales, that the maths will all add up. I do run a similar thing on Excel spreadsheet and this whole process seems very similar...I do think I need to delve into it a bit deeper so I can grasp a stronger handle on it all but thanks to everyone for the help so far
Regard,
SB0 -
distant_smile wrote: »Thank you. My personal allowance of tax is used by my full time job so any additional income from the site will be taxable. I understood it that if my profits were going to be below £5700 per annum (can't remember the exact figure) then I would not pay NI?
Regards,
SB
Correct, but you will need to apply for an exemption.0 -
Thanks Campdave I will be sure to do that
Regards,
SB0 -
If you register with Ebay/Amazon as a business, you will be paying fees with the Vat element being invoiced on the reverse charge mechanism.
Because of this, if you are not Vat registered, you will need to add the net fee amount to your turnover amount, to establish if you remain under or go over the Vat threshold.
If you turnover £75K and pay £10K in fees, you will be over the threshold.0 -
Mine will be a stand alone site and my turnover will be nowhere near those sorts of figures, I expect a turnover of maybe a few thousand annually, it is just a side thing to earn a few extra pounds for savings
Regards,
SB0 -
theonlywayisup wrote: »If you register with Ebay/Amazon as a business, you will be paying fees with the Vat element being invoiced on the reverse charge mechanism.
Because of this, if you are not Vat registered, you will need to add the net fee amount to your turnover amount, to establish if you remain under or go over the Vat threshold.
If you turnover £75K and pay £10K in fees, you will be over the threshold.
Did you mean to post on this thread?0
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