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    • sec79
    • By sec79 16th Nov 19, 7:48 AM
    • 303Posts
    • 99Thanks
    sec79
    Private or business account - where to list?
    • #1
    • 16th Nov 19, 7:48 AM
    Private or business account - where to list? 16th Nov 19 at 7:48 AM
    Hello, I have a private and seperate business account for ebay. I have a couple of queries I was hoping some-one would be able to answer please.

    Anything I buy to sell I understand that the first 1000 income doesn't need to be declared for tax purposes. Does this (first 1000 income) still need to be sold via my business ebay account or can I use my private one please?

    If I receive freebies I don't want, ie when purchasing magazines, if I put these on ebay which account would I use please?

    If I sell unwanted items, ie I have bought a couple of beauty advent calendars and won't use all of the contents could I sell these using my private ebay account please? Thank you
Page 1
    • soolin
    • By soolin 16th Nov 19, 9:27 AM
    • 62,936 Posts
    • 45,307 Thanks
    soolin
    • #2
    • 16th Nov 19, 9:27 AM
    • #2
    • 16th Nov 19, 9:27 AM
    Hello, I have a private and seperate business account for ebay. I have a couple of queries I was hoping some-one would be able to answer please.

    Anything I buy to sell I understand that the first 1000 income doesn't need to be declared for tax purposes. Does this (first 1000 income) still need to be sold via my business ebay account or can I use my private one please?

    If I receive freebies I don't want, ie when purchasing magazines, if I put these on ebay which account would I use please?

    If I sell unwanted items, ie I have bought a couple of beauty advent calendars and won't use all of the contents could I sell these using my private ebay account please? Thank you
    Originally posted by sec79
    Firstly yes you can have 2 accounts on ebay, in fact you can have as many as you like. They will each need their own email address. You can only have one of each type of paypal account though, but can use that paypal account across all your ebay accounts (up to 8 email addresses can be added)

    Personally I would have three accounts, one to buy, one private to sell and one business to sell - it's best not to buy and sell on the same account if you can avoid it.

    The tax situation is explained here: https://forums.moneysavingexpert.com/showthread.php?t=6070793

    As long as you have no other self employed income at all then as long as your turnover is less than 1000 (and note turnover not profit) it doesn't have to be declared.

    Some of your items are rather grey, if you are buying a set of something and sell one or two as unwanted it could be argued that it is a private sale- however, selling too many new things will get you noticed by ebay and HMRC as you will look like a trader, but as long as it is only a handful of items you should be fine.

    Cover gifts are the same as well.

    Probably best to open a private account first, buy a few things (the only time to buy and sell on same account) when you have a bit of feedback , and as long as you haven't had any issues with sellers start selling on that. At first you will be strictly limited in number of items and sales by ebay anyway. Then when you have proper business stock to sell convert that existing account to a business and open a new private one.

    Remember a private account is free to list, a business account is not, and you will need proper return policies and your geographic address shown on a business account to be viewable by your buyers.

    Then just keep a very simple set of books , absolutely basic - money spent, money earned - less expenses.
    I'm the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I volunteer to help get your forum questions answered and keep the forum running smoothly. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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