Upgrading to A Business Account on Ebay

Orange_King

Grateful if I could get some advice about changing from a private to a business account on Ebay.


I know there are various options re a "shop" and would possibly go for the Basic version. Apart from the monthly fee is there any other charging I need to know about?


But are there any other issues I need to consider before the upgrade? I assume a separate bank account would be appropriate to keep track of finances.


Also, is there an ideal time to make the change - basically if I change to a business account in April, does that mean I only start reporting income from the new financial year?


Thanks

mrcol1000

Orange_King wrote: »

Grateful if I could get some advice about changing from a private to a business account on Ebay.


I know there are various options re a "shop" and would possibly go for the Basic version. Apart from the monthly fee is there any other charging I need to know about?


But are there any other issues I need to consider before the upgrade? I assume a separate bank account would be appropriate to keep track of finances.


Also, is there an ideal time to make the change - basically if I change to a business account in April, does that mean I only start reporting income from the new financial year?


Thanks

When I started a business on Ebay, I created a new business account. It allowed me to still sell personal items. You could always purchase some items for your business such as envelopes to build up some feedback.

Even with a shop you still have to consider your final fees and PayPal fees. Do not forget you still have to pay for auction listings even with a shop. I use a business PayPal account and my own personal bank account. If you are sticking to Ebay to sell then it is just as easy to have a PayPal account. Most business bank accounts will charge you for having one and everytime you try and use the account.

You need to report from the second you start trading. So if you start now then you will have to declare income from March. You would just need to make a return for 2015/2016 with just your income and expenditure to the end of the financial year and then start again for the next one.

theonlywayisup

In addition to the sound advice above you will need a legal returns policy, to show a geographical address on all your listings and I would be inclined to open a second ebay account for any transactions unrelated to your business.

soolin

Personally I would upgrade your current selling account to a business one to take advantage of your feedback ( assuming your account is in good standing of course) , you can then open a new account for your private stuff later.

You need to consider though whether you need a shop , the break even point is about 60 BIN items to make it worthwhile. If you list less than that then just list as normal and get the feel of working as a business and then consider a shop later.

As for when you upgrade, that should be as soon as you start your business , ie you list something that you have bought with the intention to sell or have made with the intention of selling.