Ebay taxes


R

Richard

If Im employed as PAYE and take another income of ebay say £100 per week,
how much tax could I expect to pay on that £100 and how would I go about
declaring it?
 
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G

George Edwards

Richard blarted:
If Im employed as PAYE and take another income of ebay say £100 per week,
how much tax could I expect to pay on that £100 and how would I go about
declaring it?
Depends what your day job pays, if you are highly paid and the ebay income
takes you into the higher tax bracket you could pay as much as 40% of it
as tax. On the other hand if you are low paid from your day job, then you
would pay a lower rate of tax, say %20.

As this income is from self employment, you would need to fill in a Self
Assessment and declare all the income, the tax office would tell you how
much you then need to pay.
 
A

Alec

George Edwards said:
Richard blarted:


Depends what your day job pays, if you are highly paid and the ebay income
takes you into the higher tax bracket you could pay as much as 40% of it
as tax. On the other hand if you are low paid from your day job, then you
would pay a lower rate of tax, say %20.

As this income is from self employment, you would need to fill in a Self
Assessment and declare all the income, the tax office would tell you how
much you then need to pay.
Be sure to deduct any legitimate expenses you incurred, like listing fees,
postage, PayPal fees, phone calls etc.

Alec
 
D

Doug Ramage

Alec said:
Be sure to deduct any legitimate expenses you incurred, like listing fees,
postage, PayPal fees, phone calls etc.

Alec

You are taxed on profit, not income. There is also National Insurance to
consider - Class 2 and Class 4 for the self-employed. However, there is
an overall maximum limit (including Class 1) which cannot exceed the
maximum for Classes 2 & 4.

Doug Ramage
 
R

Richard

Doug Ramage said:
You are taxed on profit, not income. There is also National Insurance to
consider - Class 2 and Class 4 for the self-employed. However, there is
an overall maximum limit (including Class 1) which cannot exceed the
maximum for Classes 2 & 4.

Doug Ramage
What happens if you have no reciepts for your wholesale purchases?
 
D

Doug Ramage

Richard said:
What happens if you have no reciepts for your wholesale purchases?
Unless you paid cash, there should a record of their purchase -
bank/credit card statements etc?

Doug Ramage
 
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T

tim

Richard said:
What happens if you have no reciepts for your wholesale purchases?
You've been a silly boy. You are suppoosed to keep this stuff
for 6 years.

Or did you mean that it didn't exist in the first place.
You'll have to try to make sure that it does in future

tim
 
D

dp

how would I go about
declaring it?
You should register as self employed with the inland revenue and complete a
tax return each year. Some useful sources of information:
0845 915 4515 - Inland Revenue HelpLine
www.businesslink.gov.uk
www.inlandrevenue.gov.uk

I am sure that there will come a point when the authorities start trawling
through ebay records for undeclared income if they haven't already. It is
better to declare your income first.
 
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T

Timothy Lee

tim said:
You've been a silly boy. You are suppoosed to keep this stuff
for 6 years.
Or did you mean that it didn't exist in the first place.
You'll have to try to make sure that it does in future
Alternatively, I suppose he could be buying stuff at car boot sales.
 

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