Ideas for boosting you income

andy_little

Hi,

My name is Andy and I've been watching the forums for a while and only just started to post and try and help people out with a few things i do to help boost my income and help with my spending!!

To help boost your income:

Boot sales are a great way to boost your income:

I go every Sunday on the look out for designer clothes and furniture that are going cheap that i can sell on eBay. I would go on gumtree and see what items are selling/being listed and what items are not on gumtree currently then go searching for them items at the boot sale to list on gumtree or ebay for a profit.

(eBay charge fees to sell items and you also need a paypal account to sell. eBay free is 10% and the paypal fee is 2.5%)

(Gumtree is free to list and sell on if you don't want any feature posts or bumps)

Buying and selling bundles of clothes:

I've never done this but people have done it too me before, If you go on the eBay baby cheap shops people sell huge bundles of baby clothes for £20-30 when the clothes in the bundles are worth hundreds (allot of designer brands ect) people buy them then break then up and sell them on eBay or back onto the cheap shops for a profits it is a very good way to make a few extra pounds.

Doing online surveys

Another good way too boost your income would be through doing surveys online from the likes of swagdolla you will be paid per survey you do in swagdolla's which can then be converted into vouchers or paypal cash once you hit a certain amount. The site is very easy to use and is straight forward about the process's you need to do to get the dollas but very time consuming.

Cutting back and saving money

The ways to cut back on money for my self was to start doing the weekly shop at aldi rather then asda I found at asda i was paying £40/45 a week for a shop for me my partner and baby girl but at aldi it is as low as £30 a week some weeks.

Buying straight from the manufacturers

Another great thing is buying items you want/need from china. There is a site called aliexpress where you can buy any item in the world for the price the retailers pay and mostly with free postage. (may take up to 2/6 weeks for delivery)

This could also help you're opening your own store on eBay, If you are very good at crafts or find a hole in the market for a certain item you buy the materials/item off aliexpress direct from the supplier then sell it on eBay or crafts items on Etsy for a bigger profit margin.

Freecycle

Freecycle is a website set up to stop people throwing items away to then instead offer them to people in the local area looking for the item. This is a good way to pick up somethings you would need like Desks/Paving/decking Ect, Its a very useful site to have.

Disclosing your earnings off eBay ect:

You will need to disclose your earnings off selling items you bought to resell on ebay/gumtree As this is class as running a store. The items you wont need to disclose are the ones you owned and are selling second hand.

Thank you for reading this post so far, i will be updating it very soon so please expect more just i was in a bit of a hurrying and I apologise for all the grammar and spelling mistakes!

Hope this has helped and if you could please thank me with the thank botton underneath.

wongawonga

MSE publish a full list of ideas here:

http://www.moneysavingexpert.com/family/make-money-variant?_ga=1.107180866.1999621713.1430361298

andy_little

Thanks for posting the full guide.

I made this one to explain what I do and just saying I can try and answer peoples questions

soolin

Re buying to sell , remember to factor in all other costs like returns, tax and NI. Buyers have rights when buying from a business and all those costs have to be accounted for when working out profit.

andy_little

Yes you are right if you are selling/flipping items it will all need to be declared as extra income.

sjbrun

andy_little wrote: »

@sloon If you're only buying and reselling you don't need to disclose anything only if you start up a shop on ebay you will need to disclose you earnings.

If your buying and reselling that is trading as you are making a profit (running a small business) and so you must pay tax on it to be law abiding. You must even declaire it if you make a loss strange as it is. Even if its only a few bits

However going by your other thread on the ebay board im not sure you will like this honest answer.

asajj

You are buying to sell, it is different than selling your own items as 2nd hand. As Sjbrun said, you are wrong by telling you don't need to declare.

[Deleted User]

andy_little wrote: »

@sloon If you're only buying and reselling you don't need to disclose anything only if you start up a shop on ebay you will need to disclose you earnings.

You probably mean buying and reselling the same item. This could be a loophole, but if you consistently make a profit (flipping) I don't see how this could not be considered proper trading.

asajj

Well you don't have to make a profit to register for tax and declare your earnings/expenses. Many people claim they don't need to register with HMRC because they don't make a profit but this is wrong.

soolin

andy_little wrote: »

@sloon If you're only buying and reselling you don't need to disclose anything only if you start up a shop on ebay you will need to disclose you earnings.

Good grief, you are jesting surely? Please tell me you are jesting .:(

this is as bad a statement as I once heard from a person being investigated by HMRC who told them that they weren't running a business as they only bought and sold second hand things and 'everyone' knew a business only sold new things.

So if buying and reselling isn't a business I didn't need to declare my antique sales up until the point I had an eBay shop:eek:

andy_little

I've had another read of the rules and you're right i thought it was alright if youre buying second hand items to resell. I apologise.