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Mark
Site Admin
Joined: 02 Aug 2005
Posts: 729
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 Posted: Fri Feb 09, 2007 12:28 am Post subject: Inland Revenue offer etraders advice |
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Just been browsing the inland revenue website, and they now have an advice section for etraders - those who sell on ebay or yahoo! auctions.
http://www.hmrc.gov.uk/findout/index.htm
Does it effect you? many ebayers insist it's a hobby even when they make a substancial profit. |
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| Posted: Fri Feb 09, 2007 12:28 am Post subject: Recommendation: Auction Selling 101 |
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BeerMan
Contributor
Joined: 07 Aug 2005
Posts: 11
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| Posted: Sat Feb 24, 2007 10:45 pm Post subject: |
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| At what point should you declare your income if your making cash off ebay? |
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AuctionMan
Power Member
Joined: 01 Sep 2005
Posts: 168
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| Posted: Sun Feb 25, 2007 12:01 pm Post subject: |
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| As soon as you buy a product to make money you need to declare, selling your own stuff does not fall under this remit but deliberately buying product to sell on at profit makes you a trader and liable to declare it. |
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Mark
Site Admin
Joined: 02 Aug 2005
Posts: 729
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| Posted: Sun Feb 25, 2007 12:46 pm Post subject: |
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| Quote: | | deliberately buying product to sell on at profit makes you a trader |
Exactly. So many people make money online and don't declare the income, really your just asking for trouble. Accepting payments by paypal or a similar system leaves every payment traceable, so don't think you can hide it. |
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