I setup a small online sellers business via ebay last year and having to do my first years accounts. I'm a bit confused if I need to be doing self assessment as I'm already fully employed. When I started the business I bought £3000 worth of stock (out of my own money). In the first year I only sold £2200 worth after fees and postage costs. Will I need to declare this to HMRC as I'm not sure if this is classed as income with it being a loss? Sorry if its a silly question but really not done this sort of thing before
I bought a bit more stock in the second year but I'm looking to stop selling as it just hasn't worked out sadly but still left with this worry about tax. I did register for self assessment when I first started in May 2020.
Thanks!
