eBay/gumtree selling

gadget88

I have a new job and working one day less was interested in selling antiques or old games consoles buying cheap maybe selling on for a larger fee. What’s best way to do this and when does it become a shop to pay tax rather than a hobby if you sell over 100 a month?

soolin

gadget88 said:

I have a new job and working one day less was interested in selling antiques or old games consoles buying cheap maybe selling on for a larger fee. What’s best way to do this and when does it become a shop to pay tax rather than a hobby if you sell over 100 a month?

As soon as you buy to re sell then you are a business, there is no grey area at all, no minimum sales - it is nothing to do with being a shop. The only caveat to that is that whilst you must comply with business practices, ie offer returns, show a geographic address etc, as far as HMRC are concerned you don't need to prepare accounts or to pay tax until your turnover is £1000 or above in a year. That equates to about £19.25 per week, but that is turnover- ie every bit of income you receive from the business. 

It can be a nice little sideline if you deal in things you have knowledge of, learn your markets and be prepared to be flexible when selling. For example in some weeks my main sales are from ebay where I have a business account, but other weeks I am inundated with facebook sales through private selling groups (lots around for antiques and collectables) or on marketplace. I do occasionally have a shelf or cabinet at an antique centre- I don't at the moment though as antiques are almost entirely dead sales wise except for a few sought after collectables (more vintage than antique) . I also buy at one auciton and resell at another- watching my prices, watching what sells in what area and placing my items accordingly.

I don't touch gumtree, 95% of my time I used to spend on there was wasted dealing with scammers. learn the common scams , watch your postage methods- keep very good records of everything and all your paperwork- and it can be fun!