i do not class myslef as a business, im just selling off my late husbands stuff. yes it came to over £1000 but i never kept any records of expenses for packaging, which is the only expense i had as i didnt know i would be expected to register as a business. it says on hmrc pages that if i occasionally sell household items then im not classed as a business, im confused.
I'm confused, too. It seems that they're trying to convince people that individuals selling the occasional thing 2nd hand is somehow the same as running a business. They aren't the same and never have been. It's similar to how Customs and Excise try to tax you for sending/receiving "personal effects" to/from abroad, even though they're your personal effects and not commercially bought goods. They try to do you for whatever they can, and I believe this is the same trick to raise more revenue for central government. Corruption. We live in dangerous times now, where people don't know their rights and tax law is abused by HMRC. If people don't have knowledge, they become victims of the system and pay money they really shouldn't have to. I currently don't have enough knowledge, which is why I'm watching this video and doing research to figure out why selling 2nd hand goods on eBay is classed as "taxable income" even though I already paid tax on them and am essentially selling then 2nd hand at a loss, not at a profit, and I'm not even running it as a business.
So you get tax if making over £1000 a year, is the year fixed or is it when you first starting selling? I started selling (one item so far) weeks ago cos of Ebay stopping seller fee and offering £15 voucher for selling for the first time. Still I should be fine, I only planned to sell a small number at a time which shouldn't exeed £1000 a year.
I sometimes buy items to sell on ebay, I also work a full time job. Do I owe tax from the profit of the items made? Or is it taxed from Total Revenue rather than Total Profit? E.g. I buy an item for £100, and sell it for £200, would I owe 20% of £200 (Total Income) or would I owe 20% of £100? (Total Profit)
If you have a Limited Company in the UK you'd pay corporation tax on your company profits but you'd also pay VAT at 20% on your turnover if you are VAT registered. If you're a sole trader then you'd declare your profits in your self assessment and pay taxes on those via your self assessment. Again if you are VAT registered you'd pay VAT on your turnover. This is not tax advice and you should speak to an accountant. You can find a good ecommerce accountant here: linkmybooks.com/experts
Uk is one of the most heavily taxed countries, you pay tax on everything and wages then they tax you on your death as well even though all that money has already been taxed once
Aye. I was thinking about selling stuff on ebay, but now after watching this. Taxes are only going to continue to get higher and higher, but when are people going to stand up and say "This is beyond insane"?
What about if you pay tax at work and sell on ebay private? Will i get a tax reduction?
i do not class myslef as a business, im just selling off my late husbands stuff. yes it came to over £1000 but i never kept any records of expenses for packaging, which is the only expense i had as i didnt know i would be expected to register as a business. it says on hmrc pages that if i occasionally sell household items then im not classed as a business, im confused.
I'm confused, too. It seems that they're trying to convince people that individuals selling the occasional thing 2nd hand is somehow the same as running a business. They aren't the same and never have been.
It's similar to how Customs and Excise try to tax you for sending/receiving "personal effects" to/from abroad, even though they're your personal effects and not commercially bought goods. They try to do you for whatever they can, and I believe this is the same trick to raise more revenue for central government. Corruption.
We live in dangerous times now, where people don't know their rights and tax law is abused by HMRC. If people don't have knowledge, they become victims of the system and pay money they really shouldn't have to. I currently don't have enough knowledge, which is why I'm watching this video and doing research to figure out why selling 2nd hand goods on eBay is classed as "taxable income" even though I already paid tax on them and am essentially selling then 2nd hand at a loss, not at a profit, and I'm not even running it as a business.
So you get tax if making over £1000 a year, is the year fixed or is it when you first starting selling? I started selling (one item so far) weeks ago cos of Ebay stopping seller fee and offering £15 voucher for selling for the first time.
Still I should be fine, I only planned to sell a small number at a time which shouldn't exeed £1000 a year.
I sometimes buy items to sell on ebay, I also work a full time job. Do I owe tax from the profit of the items made? Or is it taxed from Total Revenue rather than Total Profit?
E.g. I buy an item for £100, and sell it for £200, would I owe 20% of £200 (Total Income) or would I owe 20% of £100? (Total Profit)
If you have a Limited Company in the UK you'd pay corporation tax on your company profits but you'd also pay VAT at 20% on your turnover if you are VAT registered.
If you're a sole trader then you'd declare your profits in your self assessment and pay taxes on those via your self assessment. Again if you are VAT registered you'd pay VAT on your turnover.
This is not tax advice and you should speak to an accountant.
You can find a good ecommerce accountant here:
linkmybooks.com/experts
The 'Background' music makes it hard to hear this important information .. Why would you do this ??
A house is half a million. Food for a week is 100 ect and they go on like we get a 1000 tax free ffs
Uk is one of the most heavily taxed countries, you pay tax on everything and wages then they tax you on your death as well even though all that money has already been taxed once
Aye. I was thinking about selling stuff on ebay, but now after watching this.
Taxes are only going to continue to get higher and higher, but when are people going to stand up and say "This is beyond insane"?
It’s bull shit unless your actively buying items to flip for a profit not just reselling your old used items.
You need to delete you eBay account is all you need to know
Aitch. AITCH.