do we have to declare the items we sell to the tax man? or can we just keep the profits?
2007-01-13 23:29:17 · 9 answers · asked by ? 2 in Business & Finance ➔ Small Business
If you are VAT registered, make sure you declare them as the cheques you put through your accounts arouse suspicion from the banks who in turn notify Customs. I did the same as you did without declaring it and VAT men swarmed my business. It really isn't worth having to look over your shoulder all the time as the shop was my livelihood. I had to repay all the VAT back with interest. Whats worse is my business had been gone thru like i had taken thousands of pounds instead of the £180. I don't know how easy it is if you're not VAT registered but good luck.
2007-01-13 23:43:50 · answer #1 · answered by china doll 5 · 1⤊ 0⤋
Ebay.. the name spell success. It is a big business having multi billions dollars of tranaction happening in a year. There are countless person having a earning of 6 figure income. And of course many others having a regular income varying netween $500-$5000 per month. There are many persons, who has taken up this as a career but dropped it because they did not feel as an opportunity due to some or the other reason. There are certain guidelines which need to be followed to be successful in ebay like other business demands.For details visit
http://ebaysimplified.blogspot.com
2007-01-14 02:19:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Ebay is tremendous. if you're having fulfillment on Ebay you should proceed with it even once you open a save. Now if you're frightened about not getting the same reaction in a save as you're on Ebay....try going to the flea marketplace and do some weekends available. it truly is an section the position many human beings from diverse cultures visit purchase, so that you've a large number of danger there. Take your organisation playing cards and position them on your table. also once you've a buddy who can help, have them hand out a small flyer to human beings coming in to the flea marketplace showing the position you're, your call and telephone quantity. good success i desire the following information help you out and also you're sucessful at each thing you do.
2016-11-23 17:30:25 · answer #3 · answered by gonneville 4 · 0⤊ 0⤋
Ebay is an advertising medium for sales which means the costs of business are tax deductible. By all means claim the income and take appropriate tax credits. You will end up making more profit by taking deductions for the postage and mailing costs, ebay fees, paypal fees, computer depreciation, etc. The government makes it easy to save on taxes up until the point that you have no choice but to pay taxes. Stop paying fees out of your own pocket... they are deductible!!!
2007-01-13 23:35:58 · answer #4 · answered by Anonymous · 3⤊ 0⤋
You need tp declare it as it's part of your business. Also watch out for the VAT implications......if you are VAT registered you will have to charge VAT and declare that on your Vat return.
2007-01-13 23:32:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Depends on whether you want to go to jail or not. I think that you will find that the Inland Revenue watches eBay.
2007-01-14 00:12:41 · answer #6 · answered by Biz Guru 5 · 0⤊ 0⤋
Of course. There is nothing special about ebay, it is just another sales channel for your company.
2007-01-13 23:32:55 · answer #7 · answered by topcat 2 · 0⤊ 0⤋
you have to declare it if you open an eBay shop. but you should be o.k if you are just a private seller. i think it depends on how much money you earn on eBay.
2007-01-13 23:31:58 · answer #8 · answered by Kelly 5 · 0⤊ 1⤋
do what ever you want to do, just don't get caught....
2007-01-13 23:32:03 · answer #9 · answered by Barry G 4 · 2⤊ 0⤋