Miss-Higgy Posted May 15, 2012 Report Share Posted May 15, 2012 Does anyone know any actual figures i can sell before the tax man will be breathing down my neck? I'm not an official shop or anything but i buy thing's with the intent of selling on so from what I've read i maybe need to do something about it. And does anyone know anything about import tax from hong kong on cycling goods? I know it's quite high on clothes and toy's is cycling stuff exempt like certain things are, or subject to a lower tariff? Struggling to find the correct information i need on this one and help would be much appreciated Quote Link to comment Share on other sites More sharing options...
N.Wood Posted May 15, 2012 Report Share Posted May 15, 2012 How much are you making from it? £thousands? Quote Link to comment Share on other sites More sharing options...
Miss-Higgy Posted May 15, 2012 Author Report Share Posted May 15, 2012 Not a massive ammount £150 pw at the moment on a good week. But i had a friend who used to sell underwear on there, and she had some nasty letters from tax man about tax evasion. This worries me slightly. Quote Link to comment Share on other sites More sharing options...
N.Wood Posted May 15, 2012 Report Share Posted May 15, 2012 If it was me, I wouldn't bother thinking about it until you do get a letter? How much did she make compared to you? Quote Link to comment Share on other sites More sharing options...
Miss-Higgy Posted May 15, 2012 Author Report Share Posted May 15, 2012 I don't know this is the problem i haven't spoke to her in ages and can't find her on facebook or anything.. Quote Link to comment Share on other sites More sharing options...
Pashley26 Posted May 15, 2012 Report Share Posted May 15, 2012 I don't know this is the problem i haven't spoke to her in ages and can't find her on facebook or anything.. Probably been locked up for tax evasion to be honest. 8 Quote Link to comment Share on other sites More sharing options...
old'scoolfool Posted May 15, 2012 Report Share Posted May 15, 2012 Probably been locked up for tax evasion to be honest. haha Quote Link to comment Share on other sites More sharing options...
JT! Posted May 16, 2012 Report Share Posted May 16, 2012 Are you making 150 per week as in profit? If so that's $650 a month so yeah you're going to have to pay tax on that. Quote Link to comment Share on other sites More sharing options...
tomturd Posted May 16, 2012 Report Share Posted May 16, 2012 http://www.hmrc.gov.uk/rates/it.htm I think you can make £7475 profit a year without paying tax. Quote Link to comment Share on other sites More sharing options...
Miss-Higgy Posted May 16, 2012 Author Report Share Posted May 16, 2012 Thanks Tom.. I was on their website and didn't find that link.. And i wish it was 150 net profit... Quote Link to comment Share on other sites More sharing options...
Matt Vandart Posted May 16, 2012 Report Share Posted May 16, 2012 Thats only if it is your only source of income I believe. This whole thing is bollox, they are chaisng ebayers for tax on penuts but massive companies are getting tax credits in the millions. 2 Quote Link to comment Share on other sites More sharing options...
Krisboats Posted May 17, 2012 Report Share Posted May 17, 2012 I didn't think the sale of second hand items was subject to tax, especially when sold at auction? Quote Link to comment Share on other sites More sharing options...
Miss-Higgy Posted May 17, 2012 Author Report Share Posted May 17, 2012 It's not you can sell your own second hand items tax free till the cow's come home. But once you start buying thing's second hand or not you still have to pay tax on those transaction's. Quote Link to comment Share on other sites More sharing options...
Matt Vandart Posted May 17, 2012 Report Share Posted May 17, 2012 I can't find my total value of transactions in the last year on my ebay. Anyone know where it is? Quote Link to comment Share on other sites More sharing options...
Miss-Higgy Posted May 18, 2012 Author Report Share Posted May 18, 2012 If you go to your selling page. Than scroll down to your sold item's and at the top left of that tab you can pick how far back you want your transactions to go. And then it will all apear on the left hand bar of what you have sold in the past month 2 month 6 month or however long you's like to see. Quote Link to comment Share on other sites More sharing options...
Krisboats Posted May 18, 2012 Report Share Posted May 18, 2012 It's not you can sell your own second hand items tax free till the cow's come home. But once you start buying thing's second hand or not you still have to pay tax on those transaction's. Why aren't they your own things? I'm sorry but you haven't really explained your situation enough for us to be able to help you, for example the figure tom noted is from your total yearly incomings. If you have a job as well as selling on ebay then the £7000 will take into account both sources of income. There is no single figure for taxable earnings on ebay, it is entirely dependant on your own personal circumstances. You didn't mention whether your items are new or used so if it's the latter i'd keep quiet about it and if anyone asks you're selling your own personal things. If it's the former then you'd want to check somewhere more reliable than trials forum. Maybe try starting here... http://cgi3.ebay.co.uk/ws/eBayISAPI.dll?ViewUserPage&userid=talkinpeace&clk_rvr_id=344145852584&afsrc=1 Quote Link to comment Share on other sites More sharing options...
Miss-Higgy Posted May 19, 2012 Author Report Share Posted May 19, 2012 It's a mixture but even some of the used items are bought with the intention of selling on, I do work as well. My thoughts were that there was a specific figure you had to hit, or open an ebay shop or something. Since posting this I've found out quite a bit and it does look like i need to get in touch with the tax office and stump up some cash Quote Link to comment Share on other sites More sharing options...
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