think i might have a problem.personal/business account

[cookiecookuk]

hi all i just asked a question on the seller board about paypals 21 day hold on my mdcc sales as it is a new account and wanted to know how long they leave that in place and someone said that i should be a business account?:| as i am making things to sell if only to charity or buying my craft stuff as my own stuff i would sell on my other account.can someone tell me what i should do and if i change it to business account how and will it cost me anything a month?:|.many thanks for any help:-)

[cookiecookuk]

can anyone help me pleeeese:-(

[fionajohnston]

i think the best thing to do is go back to seller board a lot of posters will give you good advice and  links 

[merc1_clocks]

cookie...don't change to business.

I don't think many of us has a business...but we ' make ' for MDCC

[cookiecookuk]

nobody seems to be replying on there .i will try again

[**towery**]

the 'legalities' of ebay (& the tax people)   say that  if you make something   for sale then it should be registered as aa business account

unfortunatrly once you change to a business acc you cant go back to being a private account

but can open a new  private account to buy and sell with

you can have up to 8 (think)  email account linked to one paypal account - so you can use the same bank

am i right here

you could of course make things  for  MDCC and have them sold by another person -  ie you have given them the goods  to sell.

[cookiecookuk]

i already have my other personal account which i buy and sell on.but also used that for mdccthis month so if i do nothing and continue to sell 5 on each account for mdcc.whats the worst that can happen.????:-)

[cookiecookuk]

hi all i have solved the 21 day hold that paypal does to new sellers as someone told me to link old account with my new account and it lifts the hols as from the next time i sell and as for the charity stuff i am going to keep doing mdcc and not worry about the business account.:-)

[anicarnia]

There are excellent guidelines on the me page of
talkinpeace - you may come across her in other ebay threads

Making or buying things to sell is technically a 'business', regardless of whether you make any profit.

However, if you're selling your own personal possessions, it is NOT classed as a business.

Having said that, if you put a large number of listings on a private seller account - for example, clearing out a vast CD collection or your shoe collection - as ebay may then class you as a business seller anyway. Better to list just a few at a time, and spread them out over several months.

Business sellers cannot take advantage of free listing days and have to adhere to Distance Selling Regulations.

Once you change an ebay account from private to business, you cannot change it back, so a separate new a/c is a good idea.

Tax will not be due on your sales unless your profit, plus any wages from another job, are more than your annual Tax Allowance.

As a business, keep all paperwork, with details of expenses, and check if you need to complete a self-assessment return each year.

No need to register for VAT unless/until your annual turnover is several thousand pounds.

[anicarnia]

I should have added that what ebay and the Tax man class as a 'business' are not necessariliy the same thing.

But of course ebay can insist that we follow their rules if we want to sell on this site.

Just because ebay say you are a business, doesn't mean you have to register with Tax man as a self-employed business, especially if your number of sales is small.

[merc1_clocks]

cookie YHM ^^^^^^^^

[cookiecookuk]

thanks mers r+r

[cookiecookuk]

thanks for every :-Dones advice.

[mozart5255]

cookie  i think the most sensible thing you can do to put your mind at rest is give the tax office a ring.

i am pretty sure that since you probabaly dont sell that much for charity and no doubt you buy things, find stuff round the house and make a loss on it they will not be interested.

They are pretty helpful and will put your mind at rest.

If all mdcc'ers notified the tax office we were making things for charity , a few bits and peices each month and decided to become a business the tax office would have a fit.

When i rang them to inquire,  they said please please please dont.  they were not interested.

[cookiecookuk]

thanks mozart several people have said the same thing so yes i will just carry on as i was.:-)