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Anyone run a business from selling on Ebay? Need help please!

(10 Posts)
TragicallyHip Fri 17-Jun-11 22:12:24

I am thinking of selling vintage and bits and pieces on Ebay as well as ASOS.

Now assuming I can make money from this what do I do re tax and can I/do I need to get a VAT number? I know I need to earn a certain amount before I pay tax so if it was under this would I still need to fill out a tax return?

Basically I actually have no idea how to go about this. What records to keep and spread sheets to make up etc.

Any information would be grateful thanks!

Fuzzywood Fri 17-Jun-11 22:15:48

TH DH works for eBay so I'll ask him for you, only problem is that he's just gone to bed. If no-one gets back to you by tomorrow I'll get the info for you then.

TragicallyHip Fri 17-Jun-11 22:16:59

Oh Fuzzy that would be great thanks!!

MrsSchue Sat 18-Jun-11 08:31:02

You'll need to register as self-employed, even if you think your earnings will fall below the taxline. I believe - quite a straightforward process. Then build a simple spreadsheet to log expenditure and income, making sure you remember to log things like selling fees, etc etc.
You won't need to register for VAT unless you'll be earning around 75,000 a year I believe, but the HMRC website will be able to tell you more.

The tax year runs from the 5th April and although you CAN do a calendar year, it's easier to run with that. If you keep your spreadsheet up to date your tax return is a doddle - but you do still need to do one, even if you haven't earned enough to actually pay tax.

Fuzzywood Sat 18-Jun-11 09:01:50

Hi TH,
Just talking to DH if you are selling regularly on eBay to make money (so stuff you make or things you buy wholesale then sell on) you should register as a business seller. You do not need a VAT number as a business seller unless you're earning £70k. You'll need to check out the standard tax rules for earnings reporting etc as MrsS says.
Good luck with it.

TragicallyHip Sat 18-Jun-11 09:16:36

Brilliant thanks for that!

I will have a look at HMRC and sort out a spreadsheet.

Fuzzy do you mean I need to register on Ebay as a business seller? Do you know if that gives me better seller fees etc?

It would be nice to earn £70k grin

Fuzzywood Sat 18-Jun-11 09:24:34

Yep you need to register with eBay, not sure about the returns etc but I think it gets better the more money you make. Let's hope for the need for a VAT number!

TragicallyHip Sat 18-Jun-11 09:42:37

Ok thanks. I already have an account so I'll have a look into setting up a separate business account.

<dreams of one day having a VAT number>

Thanks for your help!

TalkinPeace2 Wed 22-Jun-11 21:14:24

TragicallyHip Wed 22-Jun-11 21:35:12

Thanks Talkin, I'll have a look at that smile

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