The Wholesale Forums

[jamole]

Sorry i have kinda posted this already in conjuction with another question.
But.
I want to come clean and pay my taxes after finding out it is a necessity on ebay.

Question being, will the taxman tax me for stuff i sold the previous tax year and normal year?

[Beneddie1112]

I believe so, Yes. Plus some fines and charges for late payments I believe.

Can somebody please correct me if I'm wrong ,

Take care,
Ben

[jamole]

Ok cool, thanks for your input.
Fair bit of tax im gonna have to fork out there

[uhafmail]

Remember you only pay tax on your profit. The fine is £100 i believe.

[jamole]

I understand that, the reason i want to know is so that i know whether to tell the taxman about the previous tax years.
It would be silly to do so if he isnt going to specifically look into it.

[uhafmail]

You don't know whether he will or not. If they do then you would be in a lot of trouble. Best bet is to ring the HMRC helpline and ask for some advice...

[jamole]

How would ringing them help, what do i ask?
Are you going to look at all the previous sales ive not payed tax on, or can you just let em slide....?
Mind you i guess i could always ask something anonymously, but what???

[jamole]

Not long ago i stupidly thought i was wiser than the taxman, and told him that i started earning a certain amount monthly a couple of months after i really started earning.
I guess i will find out when i do my tax returns...

[uhafmail]

Tax evasion is serious.I suggest you come clean.

[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.