Selling on EBAY...?

Question

Hi,

I would like to start selling some stationary items on EBAY.

I just need abit of advice on tax etc...

I doubt at first that I will be earning the threshold for tax around £90 a week at first, but I am under the impression I still need to to register myself as self employed sole trader, and do tax returns right?

Well I also have a part-time job in which im not self employed, so how can I do the both?

Also, what are the controls on tax payments on EBAY. Im not saying I am going to do this, but I bet, in fact i can guarantee their to be hundreds if not thousands of people selling stuff on EBAY and not keeping the tax man in the loop... what are the controls on this? How do they get found out, if they do! Because i dont think that this is far if they get away with it...

Thanks for the info!

Answer 1

Ebay and the personal tax system are completely seperate, you would need to register as self employed and keep records of your business to account for your earnings and tax at the end of the tax year on a tax return, Ebay i believe has seller tools that can kee ptrack of all the info for you.

Dealing with the tax man is your job, the £90 per week doesn't apply, you just pay tax on your yearly earnings which gets a lot more complicated and would be best discussed with inland revenue directly depending on your circumstances.

Answer 2

**** THE TAXMAN !!