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Any Etsy/ebay sellers able to answer a quick tax question?

4 replies

PuttingDownRoots · 21/11/2023 10:32

We have an Etsy/Ebay shop. Records kept for tax purposes etc, we are way over the £1k limit.

We also have some kids toys, clothes etc we want to sell on (second hand). Completely unconnected, just normal decluttering. Ebay and Vinted. Do I need to track these as well for tax purposes?

OP posts:
user1497207191 · 21/11/2023 10:33

No, not if they're genuinely your stuff that you initially bought to use rather than sell. Probably best to open new accounts, though, so that they don't get mixed up with your business transactions/book-keeping, etc.

PuttingDownRoots · 21/11/2023 10:35

Thank you! We've only been doing this about six weeks, so still learning the ropes.

OP posts:
PuttingDownRoots · 21/11/2023 10:36

We have a separate ebay account for the business stuff and a separate bank account.

OP posts:
nauticant · 21/11/2023 10:41

Sounds like you're doing things right. Don't be tempted to mention the non-taxable, personal, activity to HMRC, even if it's just you wanting to be scrupulous with full disclosure.

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