Glad I found this channel, love the informal chat to camera, I was thinking myself about giving up reselling, but this guy has changed my mind. Thank you. Keep the videos coming. love it.
Glad you’re enjoying the videos. Keep going with the reselling, would be great to hear how other sellers are getting on and the kind of great finds (and everyday items) you are selling. Thanks for the support, Iain.
One of the best takes I've seen so far on this. Ive been registered as a sole trader for a couple of years, its really not that difficult to do. It gives me peace of mind to know im doing the right thing. I have been surprised to see the amount of people who have been quite cearly trading as a business and not paying any tax on it. I knew it went on but not on that scale, I think a lot is down to ignorance. Most of the big reseller TH-camrs don't really mention HMRC etc so I can see why people get the wrong idea. Have subbed 👍
Refreshing take . I have heard so many you tubers going haha loads of people are going to give up and there will be more sales for me. Its not that hard to sign up as a business and people struggling to make ends meet should be able to have a side hustle.
unfortunately the corrupt to the core UK government don't want folk having side hustles. They want folk slaving at call centres/amazon etc. They don't want small businesses to succeed, they want everything owned by the big boys - this country is finished. Sold out to the global elites by bent politicians, bought and paid for. End of rant.
but you do not need to sign up to be a business lol not sure why people keep asking out this, you can keep it as a normal ebay personal page and sell as normal but if you go over the 1k trading alliance you pay tax on the rest
Sorry I am a newbie to this ebay thing and a hoarder/collector. Last year, I started putting some of my video game collection up for sale on ebay. I was surprised at the demand and value of some. Few months down the line I have sold around 80 items worth over 2000 £ the talk of this tax has me concerned. The more I search for it, the more confusion I end up with. Does this apply only to resellers who are selling like 2000 units of the same item? Does this apply to people like me who are trying to get rid of tidbits from their collection that they don't really want? Sorry, I am at the start of this video, but just wanted to put this question out there.
from HMRC - "In order to pay tax on the goods or services you sell online, you either have to be trading or making a capital gain. If you are just selling some unwanted items that have been laying around your home, such as the contents of a loft or garage, it is unlikely that you will have to pay tax." & "You don't have to pay Capital Gains Tax on personal possessions with a lifespan of less than 50 years."
Same as me! I have been having a clear out too though buyers have dropped off from mid 2023 😢 got me worried as I have expensive hobbies... so if selling something which was ordered on preorder and you don't gell, you want to sell it on asap before you make too much of a loss. And this can add up 🙃 especially when using ebays global shipping programme - ebay's summary selling total includes all shipping fee, which is also the full GPS cost the buyer sees 😢
Absolutely love you so happy I found your channel. This stressed me at the start of the week but through your earlier video and lots of reading know what I need to do early in my reselling journey. I put up a Stephen King novel today - The Stand small book edition let’s see how that goes
Thank you for your guidance!! I am getting close to the £1k threshold and i am fearing the day I have to deal with HMRC. May take a moment to digest but hearing it from a reseller makes it seem more reassuring.
I hear what your saying but if you earning 35k in you job and make items that take 4 hours to make as a hobby. Then if you sell then.for 30-40 quid profit 4 hours 20% 24 quid why would you bother.if you do nothing and it you main income it's pretty easy
Hi Iain. I enjoy your videos a lot. I don't usually comment but I feel I need to on this one. If you are operating as a Limited Company you can't use cash basis accounting. If you buy a large amount of stock just before your year end - that stock should appear on your Balance Sheet as an asset, just the same as cash would. Only the cost of items which have actually sold in the year should go into your cost of sales. Please check this out for yourself.
Hi, yes, I know. I’m assuming this means I mixed up sole trader and Ltd company when I was spouting my nonsense. Good reason why people should always do their own research. Thanks.
I spent thousands on VAT tax I didn't actually need to pay this year after going slightly below the threshold again and the government sure as hell won't give me any of that back but you live and learn in this game. I at least know the game now regarding VAT and this year is looking positive even with higher eBay fee's and postage costs.
The advice was that you never take money as a salary - always take it as a dividend from the company. I believe thats that will save you tax. I don't make enough to worry about it but that was from a previous business I ran.
Positive video, thank you. One possible reason the government is enforcing the side hustle tax is to tackle benefit fraud. Resellers who are not registered as a business may be claiming Universal Credit and other benefits. If they have been running a business for years and claiming benefits without declaring other income, then prison is likely. That may explain why so many are taking the extreme action to quit.
This government does not tackle its donors who stole billions in money for dodgy ppe during covid but spend huge amounts of effort tackling the small reseller. I'm not pro tax dodging but HMRC get your priority right.
I think it’s just the same as always. Tax is just for us little people. How much tax did eBay pay last year? They are laughing at us. Good vid btw. Thanks. I m not giving up, I enjoy doing it too much. 👍
FACTS are you do not still need to register as a business or ANYTHING if you buy to sell. you can still sell on ebay and just to the yearly tax form if you go over the 1k trading allowance. not sure why people keep saying you need to register as a business when you do not
This has been very interesting, thank you! I have been clearing out past (expensive) hobby stuff over the year and more than half is bought by Americans (as they have more spending power) and a lot seem to be reseller/traders so I am obviously selling stuff at a reasonable price as I use ebay's GPS. On thing I have noticed though on ebay's selling summary page, the earnings summary is gross, includes all postage... and the full cost the international buyer pays, sometimes it has been twice or thrice as much as the item. So my net actual 'earnings' is half the this summary total. And wondering what info ebay uses to calculate up to this £1000 threshold
Hi thanks so much for this video it's very informative. Could I ask, if one buys from boot/garage sales etc. how can you prove your stock purchase costs for tax purposes (no receipts etc) ? Thanks again
As long as you have recorded all stock purchases - then the tax man is OK with this. If your records are consistent (e.g., your Sunday car boot purchases are not listed as having been purchased on a Tuesday) and are believable (e.g., not writing off stock that could sell within 24 hours) then you will be fine. Also, if you have a Lamborghini in the drive, the tax man will expect an income to fit that purchase etc.
Fantastic - quite motivating- keep going as I’m sure this channel is going to grow and grow!
Glad I found this channel, love the informal chat to camera, I was thinking myself about giving up reselling, but this guy has changed my mind. Thank you. Keep the videos coming. love it.
Glad you’re enjoying the videos. Keep going with the reselling, would be great to hear how other sellers are getting on and the kind of great finds (and everyday items) you are selling. Thanks for the support, Iain.
Absolutely fantastic video thank you for making me understand whats going off i feel i can carry on with my journey of reselling now thanks to you
One of the best takes I've seen so far on this. Ive been registered as a sole trader for a couple of years, its really not that difficult to do. It gives me peace of mind to know im doing the right thing.
I have been surprised to see the amount of people who have been quite cearly trading as a business and not paying any tax on it. I knew it went on but not on that scale, I think a lot is down to ignorance. Most of the big reseller TH-camrs don't really mention HMRC etc so I can see why people get the wrong idea.
Have subbed 👍
Refreshing take . I have heard so many you tubers going haha loads of people are going to give up and there will be more sales for me. Its not that hard to sign up as a business and people struggling to make ends meet should be able to have a side hustle.
unfortunately the corrupt to the core UK government don't want folk having side hustles. They want folk slaving at call centres/amazon etc. They don't want small businesses to succeed, they want everything owned by the big boys - this country is finished. Sold out to the global elites by bent politicians, bought and paid for. End of rant.
but you do not need to sign up to be a business lol not sure why people keep asking out this, you can keep it as a normal ebay personal page and sell as normal but if you go over the 1k trading alliance you pay tax on the rest
Sorry I am a newbie to this ebay thing and a hoarder/collector. Last year, I started putting some of my video game collection up for sale on ebay. I was surprised at the demand and value of some. Few months down the line I have sold around 80 items worth over 2000 £ the talk of this tax has me concerned. The more I search for it, the more confusion I end up with. Does this apply only to resellers who are selling like 2000 units of the same item? Does this apply to people like me who are trying to get rid of tidbits from their collection that they don't really want? Sorry, I am at the start of this video, but just wanted to put this question out there.
from HMRC - "In order to pay tax on the goods or services you sell online, you either have to be trading or making a capital gain. If you are just selling some unwanted items that have been laying around your home, such as the contents of a loft or garage, it is unlikely that you will have to pay tax." & "You don't have to pay Capital Gains Tax on personal possessions with a lifespan of less than 50 years."
Same as me! I have been having a clear out too though buyers have dropped off from mid 2023 😢 got me worried as I have expensive hobbies... so if selling something which was ordered on preorder and you don't gell, you want to sell it on asap before you make too much of a loss. And this can add up 🙃 especially when using ebays global shipping programme - ebay's summary selling total includes all shipping fee, which is also the full GPS cost the buyer sees 😢
A very good video, very inspirational thanks
I was one of the right I'm quoting camp. Finally a video to explain it in detail. Thank you so much
Thanks for taking the time to share.
Absolutely love you so happy I found your channel. This stressed me at the start of the week but through your earlier video and lots of reading know what I need to do early in my reselling journey. I put up a Stephen King novel today - The Stand small book edition let’s see how that goes
Thank you for your guidance!! I am getting close to the £1k threshold and i am fearing the day I have to deal with HMRC. May take a moment to digest but hearing it from a reseller makes it seem more reassuring.
Good video as usual and a good message to all resellers to keep going
Great video. Thanks for the economics lesson. New subscriber.
I hear what your saying but if you earning 35k in you job and make items that take 4 hours to make as a hobby. Then if you sell then.for 30-40 quid profit 4 hours 20% 24 quid why would you bother.if you do nothing and it you main income it's pretty easy
Hi Iain. I enjoy your videos a lot. I don't usually comment but I feel I need to on this one. If you are operating as a Limited Company you can't use cash basis accounting. If you buy a large amount of stock just before your year end - that stock should appear on your Balance Sheet as an asset, just the same as cash would. Only the cost of items which have actually sold in the year should go into your cost of sales. Please check this out for yourself.
Hi, yes, I know. I’m assuming this means I mixed up sole trader and Ltd company when I was spouting my nonsense. Good reason why people should always do their own research. Thanks.
That's good - didn't want you to get any aggro from HMRC / Companies House. @@Bundlesofbooks1974
Do they take the £1000 allowance into account when you do the self assessment tax return?
Quitting Reselling!?! We all thought it was you calling it a day!?!! What would we watch. Good crack.
I spent thousands on VAT tax I didn't actually need to pay this year after going slightly below the threshold again and the government sure as hell won't give me any of that back but you live and learn in this game. I at least know the game now regarding VAT and this year is looking positive even with higher eBay fee's and postage costs.
The advice was that you never take money as a salary - always take it as a dividend from the company. I believe thats that will save you tax. I don't make enough to worry about it but that was from a previous business I ran.
Hi If I register my business abroad, mine is registered in the Philippines, do I still have to pay tax fees in the UK as well ?
Positive video, thank you. One possible reason the government is enforcing the side hustle tax is to tackle benefit fraud. Resellers who are not registered as a business may be claiming Universal Credit and other benefits. If they have been running a business for years and claiming benefits without declaring other income, then prison is likely. That may explain why so many are taking the extreme action to quit.
This government does not tackle its donors who stole billions in money for dodgy ppe during covid but spend huge amounts of effort tackling the small reseller. I'm not pro tax dodging but HMRC get your priority right.
Brilliant just what I needed
I don't think you can add that £1000 to your personal allowance.
I think it’s just the same as always. Tax is just for us little people. How much tax did eBay pay last year? They are laughing at us.
Good vid btw. Thanks. I m not giving up, I enjoy doing it too much. 👍
FACTS are you do not still need to register as a business or ANYTHING if you buy to sell. you can still sell on ebay and just to the yearly tax form if you go over the 1k trading allowance. not sure why people keep saying you need to register as a business when you do not
This has been very interesting, thank you! I have been clearing out past (expensive) hobby stuff over the year and more than half is bought by Americans (as they have more spending power) and a lot seem to be reseller/traders so I am obviously selling stuff at a reasonable price as I use ebay's GPS. On thing I have noticed though on ebay's selling summary page, the earnings summary is gross, includes all postage... and the full cost the international buyer pays, sometimes it has been twice or thrice as much as the item. So my net actual 'earnings' is half the this summary total. And wondering what info ebay uses to calculate up to this £1000 threshold
Hi thanks so much for this video it's very informative. Could I ask, if one buys from boot/garage sales etc. how can you prove your stock purchase costs for tax purposes (no receipts etc) ? Thanks again
As long as you have recorded all stock purchases - then the tax man is OK with this. If your records are consistent (e.g., your Sunday car boot purchases are not listed as having been purchased on a Tuesday) and are believable (e.g., not writing off stock that could sell within 24 hours) then you will be fine. Also, if you have a Lamborghini in the drive, the tax man will expect an income to fit that purchase etc.
Better to use Odoo over Quickbooks
sorry to hearyour quitting i watched your vids before hope all goes well
solid advice thx 👍