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Dumb question!

4 replies

LilRedWobblyGut · 18/06/2007 10:36

How much are you allowed to sell before you are classed as a business and need to pay tax?

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lljkk · 18/06/2007 11:09

You should phone Inland Revenue.
I think up to £50k of turnover before you have to register for VAT.

I think you have to register to file self-assessment even if all you sell is few 2nd hand nappies.
I imagine you get the usual tax allowances.

Hopefully someone more informed will come along.

LilRedWobblyGut · 18/06/2007 12:22

Thanks lljkk - I'll give them a call.

OP posts:
sixlostmonkeys · 18/06/2007 13:01

you are classed as a business if you are buying stuff to sell.
If you are just selling some of your own stuff then it's ok - but it may look suspicious if you are making a heck of a lot each year.

It's a bit of extra work to sort out the tax etc, but remember you can claim quite a bit back - packaging, postage, petrol etc

LilRedWobblyGut · 18/06/2007 15:51

Thank you.

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