Hi everyone, quick question for you guys

[dandan]

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

[helpme1]

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

[John14789]

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.

[Squee]

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.