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Hi everyone, quick question for you guys
 

Hi everyone, im new here :)
Basically i normally sell old bits around the house and occasional a few electronical goods i've bought for cheap. Recently i purchased quite a few pairs of designer shoes, due to my god damn selling restrictions i could only put three pairs up to start, they have all sold now in the first few days of the auction.

My question is do u advice me to declare tax on my ebay even though i only have 4 more pairs to sell? I sell them on 'buy now' for over £100 and would rather not get in any trouble but how strict are they on it?

Thanks in advance for any help


Tyler

This is something you should probley talk to your tax advisor or accountant about.

As suggested above you should talk to your accountant. I think if you do less than about 5k a year then you wouldn't have to necessarily declare the earnings.

Dandan - personally I wouldn't worry about it. If over the next couple of months you find yourself continuing to buy stuff to resell then I would get yourself registered with the Taxman. If it turns out that this shoe thing is a one off then you'd cause yourself a lot of ball-ache for the future being registered as you have to fill in a self assesment form every year.

S.