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Rachael Davies | Trading on ebay and paying tax? |
I have been trading on ebay for roughly a year and bringing in quite a bit. I have only just found out that i should be paying tax. What do i need to do? I havent kept many receipts etc to prove expenses, only started keeping them for the past month or so. What do i do? could i say i started trading a month ago or will they know? do i send proof of expenses etc.... sorry this is totally new to me so any help/advice would be much appreciated. I am also PAYE working full time so this is a 2nd income so to speak. Thanks :-) |
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tringyokel
 |
Just to add a couple of points to Fengirl's excellent answer.
You will almost certainly be asked to complete a self assessment return, probably for the tax year ended 5th April 2007 if your start date was before then. This only need to contain details up to that date so the good news is that you probably have a relatively small profit (and tax liability) for that period.
Of course the crunch will come next January when you have to pay on a full year's earnings so do the calculations and put money aside as soon as you can.
Generally under self assessment you do not have to submit proof of expenditure - you literally selff assess. But in cases where HMRC suspect the figures may not be right, and in a few random ones, evidence is called for.
If I were you I would not lie about the start date. Ebay records can be checked and would show the true position
Claim all the expenses you are entitled to. Where you do not have receipts you can still make the claim if you can find the amounts paid. For example, if you paid by cheque or Paypal for goods then you should be able to get the records of those payments.
As a last resort estmates can be used but if they are material this fact must be declared on the return form. Two things to bear in mind if you are tempted to make excessive estimates of expenditure.
First, HMRC are looking at Ebay traders so I am pretty sure they will havew a specialist team doing this. They will know the results of other traders so will be able to see through any fanciful figures quite easily.
Second, you have to sign a declaration the the return is complete and CORRECT to the best of your knowledge and belief. If you don't believe the figures to be correct then you are committing an offence.
Come clean, be honest and you will probably get this sorted very easily. |
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ALAN T
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If you are just selling personal stuff that you no longer want then there is no tax liability but if you are operating as an online trader then that is classed as a business and you will be liable for tax on the income, best thing to do if you think you should be paying tax is to talk to HMRC and get it sorted because they will catch up with you sooner or later |
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karen b
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as far as i know you should pay tax on any ebay income that isn't from personal items.
for instance, if you buy things to sell you should pay tax on the income (the amount you make).
if you're selling personal items you don't - you bought them for personal use, you don't want them any more, you sell them on.
thats pretty basic, but you get the idea.
if you're buying stuff to sell on then you need to keep every single piece of paper and receipt that proves your income and expenditure - even if they are online transactions you need hard copies.
you will need the invoices from the items you bought and the invoices that you've drawn up for sales.
you will need the invoices from any expenses you have paid out - shipping, packaging and so on - this will come off any money you have made.
i think you can also claim a proportion of your household expenses - something like 25%? but i'm not sure about that amount.
if you are buying to sell, you might also need to change your ebay account from personal to a business one - like someone else has said - as you're running it as a business rather than a private individual.
best place to start would be the CAB - they'll have all the facts and figures right there - and don't worry - you won't be the first its happened to!! |
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jamesmansfield974@btinternet.com
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If you are simply selling off your own item - that is not items you bought to trade with - then there is no tax payable. If you are buying things with a view to selling them at a profit then you are acting as a business and will need to pay tax on any profit you make.
You need to draw up a simple account. Calculate how much you have spent on the things you are selling, plus the cost of selling them, eg e-bay costs, travel, post etc. Then add up all the money you have received and take one away from the other. If you are in profit you will need to pay tax on it. To do this you need to ask your tax office for a Self Assessment return.
As Self Assessment forms had to be in by the end of January 2008 I would only calculate your figures from 6 April 2007. That way your tax form won't need to be in until later this year but you must ask for one otherwise you will end up with back tax, plus interest and penalties. |
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suerye
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You are late in registering as self employed by about 9 mths.
If you pretend you only just started, you might get away with it, assuming HMRC don't choose to investigate your returns - this could even be picked up as a random check, you have no way of knowing.
Or, you could 'fess up, grit your teeth and face a £100 fine for not registering on time. Plus interest on tax paid late (it was due on 31 Jan).
You need to keep bomb-prrof records - receipts for all purchases, sales invoices, bank statements, the whole lot. You may find it worthwhile to consult an accountant, even if only for a one-off advice session. |
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DannyWSM
 |
All I can say is this is a problem that HMRC will love. Try to get as many receipts as possible as if they get a figure, which you can guarantee is more than you are required to pay, you will be forced to pay it and unfortunately it will be in one. Good luck in trying to solve it. |
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Kui Jai
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Declare everything in your tax returns. You would probably be taxed slightly more if you cannot justify your expenses. |
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gillon j
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If you have to thats crazy, SO much for this goverment wanting people to do more for themselves.
Can I ask are you registered as a business customer or an individual? |
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