OT: eBay and the Taxman

[paul.cawley@clara.co.uk]

[ukvac] OT: eBay and the Taxman
No, not a retro remake of the Jet Set Willy game that never made it!

I have been doing some 'accelerated' selling on eBay lately, found an auction that has various lots of DVDs and PC software occasionally, bought relatively cheap and sold on, as well as boot sale scouring.

I was just wondering when the 'hobby', or 'crap I own' element to eBay selling becomes a smallish business, with a regular-ish income?

I was discussing this at work an my non computer using mate had read about it in the paper, and was sure it said something about 'as long as the stuff you sell is stuff you own, and not bought to sell on...'

Do eBay notify anyone (e.g. the Taxman) if your sales exceed any amount, and what is the annual limit you can reach before you need to notify anyone.

I am obviously not a company, and don't intend to start one - just wondering how the land lies.
Sorry for the OT, but I would be happy knowing how it works.
Cheers,
Paul

 

[gerardvschip]

Re: [ukvac] OT: eBay and the Taxman
I looked into this some time back, ebay does not report you but it is
your duty to report any earnings above 5000 ukp and pay tax on the
amount over.
You can get a self assessment form from your local tax office.

Gerard