TAX FORMS - and E-bay Shops and websites.?

Question

How do you fill your tax forms in when you have 2 or more e-bay shops and other websites? The tax forms will ask for the name and nature of the business particularly when you register for self-employment. How do you sort out the tax returns? Many thanks in advance for any advice.

Answer 1

I suggest you actually visit the HM Revenue & Customs web site and pick up everythging on Self-Employment, Allowable Expenses etc etc.

Inland Revenue is ONLY interested in your total INCOME from ALL activities for the Tax year ..

Income from Employmnet and Self-employment is entered into different parts of the form, however you still get taxed on the total.

If you have multiple business activities, then UNLESS they are being run via Limited Companies (or your Turn-over exceeds £15,000 per year) you just add everything together and insert the totals .. .. so if one activity (eg. sale of PC's) made a loss of £1,000 and the other (eg. sale of Mouse Mats) made a profit of £1,500, and you spent £300 on allowable expenses then your TOTAL is £200.