Ebay business account and tax

catoutthebag

Bluebirdman_of_Alcathays wrote: »

I'm confused - above you said that some items were bought with the express intention of selling for a profit. Those items would undoubtedly be classed as trading, and the turnover, expenses and all other details simply goes into your income from self employment that is appended to the main tax return (paper) or pops up if you do it online.

I'm sorry that you are confused.

I havs 700 plus feedback dating over a decade. I bought at sold personal items for personal consumption (buying clothing to wear, toiletries etc, and at the same time getting rid of my old clothes and household items).

I havs expressly outlined one explicit time I bought multiples of one item for profit. So I am asking the question: where does that go on the return?

In fact, nah. Not gonna declare it. Got better things to do and so havs HMRC than to chase someone for tax on one multiple item.

Catch me if you can , I pay enough tax in my day job:rotfl:

soolin

catoutthebag wrote: »

Assumption being made, not uncommon on these forums.

The clothing I sold was MY own, in the same size, not multiple sized Barnados stock.

Secondly, I've not bought to resell on any occasion, apart from one described above where multiple were bought. I can concede tax on that, but YOU need to prove otherwise for anything else.

Thirdly, 4 items a month (bought AND sold, for personal consumption), over 13 years does NOT constitute someone operating a business

Fourthly, HMRC would need to prove sale price in order to generate any accurate bill.

Fifthly, I possibly temporarily confirmed one of the business points/standards out of 9.

Sounds like you work for hnrc?

I saw an article where someone has 7000 transaction and got caught as they were operating a fully fledged business and owed £300k. That's a business, mine isn't unless you count selling my old shirt, or my old tele, or my old rug etc

My comment about clothing was to explain why you were probably picked up by originally, your over reaction is rather interesting.

However, there is no lower limit to what constitutes a business, one item in multiples is enough, technically one item would be enough. You pay tax though on the business sales, so if you do basic accounts you only need to include the income and expenses connected with those items and be prepared to defend the rest of the sales. Also, eBay pass sales information on business accounts through to HMRC, so it is just a case of when they get round to looking at individuals.

However, I am surprised that since you appear to know all the answers, why you asked for advice here, and will now bow out and leave others to assist you .

BTW many years ago I was an accountant dealing with personal tax which included sole traders , many of whom turned up at my place of work only when HMRC had caught them.

Bluebirdman_of_Alcathays

catoutthebag wrote: »

I'm sorry that you are confused.

I havs 700 plus feedback dating over a decade. I bought at sold personal items for personal consumption (buying clothing to wear, toiletries etc, and at the same time getting rid of my old clothes and household items).

I havs expressly outlined one explicit time I bought multiples of one item for profit. So I am asking the question: where does that go on the return?

In fact, nah. Not gonna declare it. Got better things to do and so havs HMRC than to chase someone for tax on one multiple item.

Catch me if you can , I pay enough tax in my day job:rotfl:

I told you which part of the tax return that goes on. If you choose not to do it that is of course your right.


I have 3 clients who have come to me in the last year because of HMRC discovering eBay trading, one of whom was doing little more than you (by the sounds of things). The fact you have a business account (ebay share this with HMRC) will put you fairly high on their list somewhere.


For the sake of what is probably a very small amount of tax, why on earth do you not just comply? It saves a LOT of hassle further down the line if they start sniffing around, believe me.