Declaring extra income from eBay

Hebrews12

Hi all.  I'm thinking of starting to make and sell things on eBay and while I know I won't make a fortune, I'm obviously hopeful that I'll make a few bob.  I'm in full time employment and I'm really clueless about whether I need to declare any additional income along the lines of selling things on eBay and, if so, at what point.  Any advice would be much appreciated.

soolin

As soon as you receive the equivalent of £1000 a year (and that’s total income including postage not just profit) it needs to be declared. That’s less than £20 a week.as a business you also need to accept change of mind returns and have a clear returns policy as well as displaying your geographic address. 

However you can do very basic accounts on your self assessment form , just total income, less all expenses leaving net profit. 

MalMonroe

Hebrews12 said:

Hi all.  I'm thinking of starting to make and sell things on eBay and while I know I won't make a fortune, I'm obviously hopeful that I'll make a few bob.  I'm in full time employment and I'm really clueless about whether I need to declare any additional income along the lines of selling things on eBay and, if so, at what point.  Any advice would be much appreciated.

Yes, you will have to declare income if it's going to be a regular thing and a part-time self-employed job. 

If you haven't already registered with HMRC for your personal tax account, do that and then you can fill in a form to register as self-employed as well. I registered as self employed a couple of years ago but because of various personal circumstances I'm yet to earn anything over the personal tax threshold. However, I do still have to complete tax returns - I do that online - and then they say I don't have to pay any tax. (Yet!) 

Many people have full time employment as well as being self-employed. 

As long as you play things by the book, you should be okay. There's a lot of info on the HMRC site, though, link below. You can sign up via that link, too. 

https://www.gov.uk/personal-tax-account

RFW

I'd recommend consulting with an accountant. Once they have all your current tax details you may well find that you can earn a decent amount without having to pay additional taxes. Many accountants offer a free initial consultation.