Watch out sellers on the 'dark side'

[LegallyErotic]

Tax net tightens on e*@y traders

The taxman is tightening the net on those of us who haven’t declared all the extra income we earn throughout the year – and if you’re an avid e@*y trader, you’re most at risk. Here’s how to avoid a fine of £250 or more and a hefty tax bill
HM Revenue & Customs (HMRC) is closing in on people who knowingly – or even accidentally – haven’t been declaring all the income and profits they should be. And to encourage us to clean up our tax affairs, it has been offering a tax “amnesty” which expires on 22 June.

Am I at risk?
Research carried out last year found that more than 68,000 people in the UK now use e*@y sales to generate at least one-quarter of their income – so if you’re an avid eBayer or internet seller then it may be worth flicking through your accounts and giving HMRC a call.
According to HMRC, if you’re just selling the odd unwanted gift or a few personal possessions, the issue probably doesn’t affect you. But, if you buy items with the intention of selling them on again soon after at a profit, then you are a trader and should look at registering as self-employed to pay National Insurance contributions, income tax and possibly even VAT on your earnings.

[rabbitburrow]

If people are buying with the intention to sell, then they should be registered as self employed anyway, regardless of how they sell (even if they sell at a car boot). What amazes me, is that it has taken this amount of time for it to come about!

[merlin]

If people are buying with the intention to sell, then they should be registered as self employed anyway, regardless of how they sell (even if they sell at a car boot). What amazes me, is that it has taken this amount of time for it to come about!

ahh but i`m still selling stuff from 6 years ago that was bought for our stall which i have already paid vat etc. on i`m not going to pay again
lol even if you buy a book that is 20th hand and resell you can still be had for it so me thinks the taxman gonna have mega probs

[HannaHolly]

It doesn't matter what site you sell on, the same laws apply and those of us with shops here should all be registered self employed.

For National insurance there's an upper limit before you need to make the weekly payments. You can apply fopr an exception certificate if you're going to be below the limit.

[gazlannathai]

Be careful with all-encompassing statements - All of us with shops .......

Ain't no way I'm registering with UK tax and VAT etc - if they have a problem with it they can come get me.

I'm sure the US and Australian members think similarly too ;-)

Gaz

[damian_steele]

It doesn't matter what site you sell on, the same laws apply and those of us with shops here should all be registered self employed.

If that was bricks and mortar, yes.
However, the online description of a shop is somewhat different and "owning" one does not automatically imply that the seller is a trader. Therefore not everyone needs to be registered as self-employed.

I think the distinction is made in whether you buy goods for resale or whether you sell your own belongings second-hand.

[Rednosty]

If that was bricks and mortar, yes.
However, the online description of a shop is somewhat different and "owning" one does not automatically imply that the seller is a trader. Therefore not everyone needs to be registered as self-employed.

I think the distinction is made in whether you buy goods for resale or whether you sell your own belongings second-hand.

So I buy stuff for myself all the time But Do I change my mind quickly YES I do I dont know I try a different watch everyday!

[LegallyErotic]

pmsl....shame i can't say that about my stuff.......

[kengillam]

Do I change my mind quickly YES I do I dont know I try a different watch everyday!

I don't have time for that

[Rednosty]

Tax net tightens on e*@y traders

The taxman is tightening the net on those of us who haven’t declared all the extra income we earn throughout the year – and if you’re an avid e@*y trader, you’re most at risk. Here’s how to avoid a fine of £250 or more and a hefty tax bill
HM Revenue & Customs (HMRC) is closing in on people who knowingly – or even accidentally – haven’t been declaring all the income and profits they should be. And to encourage us to clean up our tax affairs, it has been offering a tax “amnesty” which expires on 22 June.

Am I at risk?
Research carried out last year found that more than 68,000 people in the UK now use e*@y sales to generate at least one-quarter of their income – so if you’re an avid eBayer or internet seller then it may be worth flicking through your accounts and giving HMRC a call.
According to HMRC, if you’re just selling the odd unwanted gift or a few personal possessions, the issue probably doesn’t affect you. But, if you buy items with the intention of selling them on again soon after at a profit, then you are a trader and should look at registering as self-employed to pay National Insurance contributions, income tax and possibly even VAT on your earnings.

I think the timing comes down to some legal battles that have been going on! Ebay upto now have refused to give details of there Users to the taxman (So I believe) Therefore Ebay protect there own interest.