HMRC - self employed??

[caca6011]

Good morning

I am looking for some guidance please.

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I have always sold things on ebay, however it has always been things that I no longer needed or things for family.

After moving in with my husband five years ago 18 months ago I began selling stuff that had been in storage.

Last year Jan - Dec I sold about 15,000 pounds.  Thing was a combination of my own stuff which included some of my lego collection which I had been collecting as something for my kids to sell after I pass.

I have also been dabbling in books purchasing subscription collectibles and selling at a profit which I know is trading.  I currently have a decent Stock so its not yet making a profit as such.

I am also employed full time and have a small pension which takes me to around 55k a year income.

I want to know how to approach reporting my sales and if someone would recommend a book keeper accountant as I really don't have a clue.

Thanks in advance.

[jckl1957]

This forum is not really the place for tax advice.

For 'Ebay advice', I would suggest you open a second account and register as a business.

Use that account for all of the items you have bought to sell.  Keep this account for selling your own, pre-owned items.  (Or, upgrade this account to a business account and have a new 'private' account.)  That should make things easier going forward.

The deadline for tax self-assessment is 31st January so you will have to act quickly if you plan to declare a trading income for the tax year which ended in April 2025.  It may help to have a chat with HMRC.

[*vyolla*]

As advised, we don't offer tax advice, but if you started trading April 2024 then your self assessment for tax year April 2024 - April 2025 is due by 31st January this year.

Personally, I'd upgrade this existing account (as it has some feedback and buyers like that) to a business account.

Create a new private account to list your personal items on. Just sign up again with the same details but a different email address (each eBay account requires its own unique email address).

https://www.ebay.co.uk/help/account/signing-ebay-account/signing-ebay-account?id=4191&st=3&pos=5&que...

So much easier for accounting then.

I would also try and get an accountant to help you sort this out as you're on a bit of a short time scale here.

[tobiasd4]

TBH.

You may have a job convincing ebay/HMRC that you are not a business.

With 350 new items listed, it won't be easy.

Good luck.

[caca6011]

Not trying to convince to be honest just want to put in a honest tax return around what I need to pay, just unsure of the rules.   Looking for an accountant now.  But thank you.

[caca6011]

Thank you, I like the suggestion of changing to a business account and putting personal stuff on a separate one I think that is what I will do.  Makes alot of sense, and am looking for an accountant.  Thank you

[caca6011]

Thank you.

[tressygirl]

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@caca6011 wrote:

Thank you, I like the suggestion of changing to a business account and putting personal stuff on a separate one I think that is what I will do.  Makes alot of sense, and am looking for an accountant.  Thank you

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It's  not really a ' suggestion' , but  it's  advice to be registered correctly.

A Private account is for selling your unwanted used items,  say a garage / attic / wardrobe clear out.

A Business account is one for selling all Brand New items,  item bought to sell.  

It's easy to switch see below.  Then, open a separate Private account for those used items,  you just need a new email address,  and new ID name.

1. Go to Account settings in My eBay.
2. Select Personal information. 
3. Select Edit next to Account type. You may be asked to sign in again.
4. Select Confirm to upgrade to a Business account.
5. Specify whether you operate your business as a legal entity or as a sole proprietor and select Continue.
6. On the following page, enter your business information such as name, contact information, and returns policy. Then select Save.

Probably best to use a PC / laptop for this,  and not the app or mobile browser.  Chrome seems to work best on eBay.

@caca6011