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(Post Link) post #1 of 10 Old 27-09-15 Thread Starter
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Selling on Ebay question

Probably a stupid question but here goes; if I want to sell on Ebay as a business not an individual is it better to register a second account in the name of the business rather than using my personal account? Actually same question about PayPal.

I know HMRC are cracking down on people trading on Ebay and not declaring the income. If I register a second account in the name of a business that would make things clearer for the tax and VAT man no?
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surely the taxes differ aswell
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I shut my UK Amazon seller's account last year because of the new rules
and them wanting passport details, VAT numbers and all sorts.

Hardly worth the hassle to sell my old gadgets, so game over.
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Would it not be worth looking into setting up a separate business that solely trades on eBay it'll save you from paying VAT.
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It's worrying. Over a few years I have bought DSLR's on eBay. I tend to use them a while and then pass them on. I've sold a fair few this way.
I do wonder at some point if I will get a tax bill. I've lost all the way. Quite a loss in fact it's frightening but I have sold almost all I've bought.

I have a few left to sell and I'm done.
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Originally Posted by MalcQV View Post
It's worrying. Over a few years I have bought DSLR's on eBay. I tend to use them a while and then pass them on. I've sold a fair few this way.
I do wonder at some point if I will get a tax bill. I've lost all the way. Quite a loss in fact it's frightening but I have sold almost all I've bought.

I have a few left to sell and I'm done.
Well if you have made a loss overall, then there wouldn't be any tax to pay, and you would be under the VAT threshold so nothing to worry about there. So I wouldn't be too concerned and having sleepless nights. Just keep a record of what you have bought and sold, just in case. However if you are starting to "trade" with a view to making profit then you should be keeping proper records for each tax year and declaring any profit on your tax return.
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Originally Posted by alfabeat View Post
Well if you have made a loss overall, then there wouldn't be any tax to pay, and you would be under the VAT threshold so nothing to worry about there. So I wouldn't be too concerned and having sleepless nights. Just keep a record of what you have bought and sold, just in case. However if you are starting to "trade" with a view to making profit then you should be keeping proper records for each tax year and declaring any profit on your tax return.
No, trust me as a trader I'd be dead and buried now! However all the records are either in eBay, PayPal or gone.
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Originally Posted by alfabeat View Post
Well if you have made a loss overall, then there wouldn't be any tax to pay, and you would be under the VAT threshold so nothing to worry about there. So I wouldn't be too concerned and having sleepless nights. Just keep a record of what you have bought and sold, just in case. However if you are starting to "trade" with a view to making profit then you should be keeping proper records for each tax year and declaring any profit on your tax return.
Luckily I did double entry book-keeping... before I'd heard of Excel or used a 'puter seriously ! :Giggle:

I'll just use an Excel spreadsheet initially, if things go well I'll think about investing in Sage programme or similar. :rubchin:
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why not just look at the legal guidance for selling as a business on eBays site?

http://pages.ebay.co.uk/help/policies/business.html
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Originally Posted by GhostyDog View Post
why not just look at the legal guidance for selling as a business on eBays site?

http://pages.ebay.co.uk/help/policies/business.html
Oh... yes... errr

Well played GD, well played.
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