New tax rules: please help?

[uktradingparts]

helllo all! 

I've been selling for years and am now aware of changed tax rulers for sellers.

i may make £2k over a year, possibly if im lucky, minus eBay fees etc of course.

In reference to the new tax rules, is there anything I need to do or do eBay now just take it out of my profits automatically?

I have a full time job and this is just a little of of pocket money. I dont want to have to employ a financial advisor just for a this.

ive been trying to find sufficient information for weeks,  but its been really difficult.

thanks for helping!

[plum993]

First off you should look to regiser as a Business seller on ebay to comply with there seller policies etc, and the UK law.

Look to upgrade,which you can do from your personal info settings,under the Account tab Business seller policy | eBay

More info here,UK digital sales reporting | eBay

[jckl1957]

The tax rules have not changed.

If you are trading, then you should probably be completing a self-assessment form and paying tax to HMRC.

There is a trading allowance of £1000 a year for casual traders (sales not profits) but, as you exceed that, you should already be completing a self-assessment form and paying tax.

The best places to find accurate information are the HMRC website and gov.uk.

This information sheet is a good start.

https://www.gov.uk/government/publications/selling-online-and-paying-taxes/selling-online-and-paying...

You do need a business account and a legal returns policy if you plan to keep selling on Ebay.

 

https://www.ebay.co.uk/sellercentre/selling/create-ebay-business-account

[john1297576]

You are selling brand new items, so no way can you claim you are selling off your own unwanted items, which makes you a business seller, and you have obligations to your buyers, for example you cannot say no returns, as that is a legal requirement for a business seller.

[papso22]

All that has changed is that you are now more likely to be caught if you haven't been paying the right tax.