The Wholesale Forums

[PT]

Originally Posted by ericfarrow12

i thought instead of opening a new post i will post here. I sell on ebay and only make bot £40 a week at the moment do i need to let any one now.

You sure do. The volume is irrelevant.

[uhafmail]

What would be the benefit in not declaring it? You would pay peanuts in tax but you have peace of mind your not going to get a knock at your door and get a criminal record.

It wont be long until ebay will be talking with HMRC about their sellers IMO.

[ericfarrow12]

i dont want to cheat them. I will get on to the phone to HMRC in the morning. I want to do everything by the book.

[PT]

Originally Posted by uhafmail

It wont be long until ebay will be talking with HMRC about their sellers IMO.

They already are and have been for some time. They use a computer program called Xenon, which scans eBay for people making multiple transactions.

[Beneddie1112]

Surely it does more than that?

[uhafmail]

Sorry what i meant is for a member to be a registered business seller they will need to provide proof that they have at least regsitered as self employed.

And Eric it is always best to play it by the book, if you have been making the money for more than 3 months there will be a £100 fine i think.

[hardwareheroes]

Guys - you would have to be seriously good at ebay to be making mega profits. If you are a power seller with 20,000 feedback, I would worry , but the rest of you, take it easy and declare it and get some sleep!

Remember profit is defined as the bit thats left after you add up all your sales and then take off all your expenses including costs of purchases, ebay fees, paypal commission, postage, brown paper, boxes, tape etc - are you really make that much profit that you have to hide from the taxman?

[PT]

Originally Posted by Beneddie1112

Surely it does more than that?

Of course. But put simply, that's what it does.

[Beneddie1112]

It looks like quite an interesting piece of software, but surely it is easily avoided?

[uhafmail]

It cant be brilliant. I know a few sellers that if they were legit would be VAT registered - any if they are not VAT registered i doubt they are paying anything to the govt.