Ebay

proevofanatik

I am thinking about starting selling lots of stuff on ebay. Do i need to fill out tax forms if im selling alot. And also will it affect my tax credits?

Pennywise

proevofanatik wrote: »

I am thinking about starting selling lots of stuff on ebay. Do i need to fill out tax forms if im selling alot. And also will it affect my tax credits?

If you're selling your used/unwanted personal stuff, i.e. second hand clothes, watched DVDs, used children's toys, spare computer/tv, etc., then no, it doesn't go near your tax returns nor tax credits.

However, if you're "trading", i.e. buying stuff specifically to sell, then you need to register and declare all your sales income, and your legitimate business expenses, on a self assessment tax return, the same "profit" figure then being used for your tax credit claim.