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Where Taxpayers and Advisers Meet

Ebay

phantom
Posts: 2
Joined: Wed Aug 06, 2008 3:25 pm

Postby phantom » Mon Nov 07, 2005 3:44 pm

Hi

I need to know the fact before launching any business espeically in Ebay. I understand that you need to register as a self-employer hence I have to pay class 2 and class 4 national insurance contribution.

What if my items sold at a profit, do i require to pay more tax? If can you please give me the information.

Is anymore tax that I need to pay out?

Thank in advance

UFO

deanshepherd
Posts: 1019
Joined: Wed Aug 06, 2008 3:23 pm

Postby deanshepherd » Tue Nov 08, 2005 12:59 am

If you are carrying on a business with a view to profit then you will be taxed on those profits.

Selling second hand items of your own on eBay is not usually a business, purchasing items with the intent to resell and make a profit is a business.

I have a free business start-up guide which contains a lot of useful information. Feel free to email me if you would like a copy.


Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk


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