Tax Man & VAT Reg - eBay Suspension & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > General Discussions (Off-Topic) > Making Money

Making Money Flipping, Investing, You Name it. Lets discuss other ways of making money!

Reply
 
Thread Tools
  #1  
Old 07-14-2008
Junior Member
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default Tax Man & VAT Reg

When should i start declaring my ebay earnings to the tax man and go self employed.... Also is it worth going vat regged or is that only best if im going through around 20k in sales a month?

Curiosities
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 07-15-2008
Junior Member
 
Join Date: Apr 2008
Posts: 111
Thanks: 0
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 90%
iTrader: (0)
Default

if you knew the loopholes you wudnt need to pay tax or vat
Reply With Quote
  #3  
Old 07-15-2008
ebayhateluv's Avatar
Junior Member
 
Join Date: Oct 2007
Posts: 2,329
Thanks: 0
Thanked 105 Times in 41 Posts
Activity: 0%
Longevity: 94%
iTrader: (7)
Default

HI:
Dont know about all that.. IF they want u bad enough--they have what is called
"Forensics Auditors"--they can piece together your income from little things one doesnt even think of....

A dollar saved in this case--May end up costing u $100 later on..
Just food for thought..
__________________
Always.. Be the BEST you can Be, at Whatever you do! Be Part of the Solution, rather than Part of the Problem.
Reply With Quote
  #4  
Old 07-15-2008
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 10,443
Thanks: 2,824
Thanked 3,509 Times in 1,507 Posts
Activity: 42%
Longevity: 100%
iTrader: (24)
Default

Don't mess with the Tax man... always pay what you must and deduct as much as you can, but don't try to scam them. They'll take everything from you if you do.
__________________
\_(ツ)_/ Get -->

Notice: A SHORT & SWEET PM gets answered before ANY other PMs sent me.
Reply With Quote
  #5  
Old 07-15-2008
Banned
 
Join Date: May 2008
Posts: 599
Thanks: 1
Thanked 8 Times in 6 Posts
Activity: 0%
Longevity: 89%
iTrader: (2)
Default

So if I'm just going to sell on eBay with the different accounts I will not be liable for taxes right?
Reply With Quote
  #6  
Old 07-15-2008
Junior Member
Threadstarter  
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default

So am i declaring everything i make on ebay?

Is there a time i shoudl start i mean, wait until i hit lets say 200 a day or ? start right awya?
Reply With Quote
  #7  
Old 07-15-2008
Junior Member
Threadstarter  
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default

Im not dodging anything, im playing the game by the rules.

Just wondered, when is the best time to start the game. When im earning a certain amount or right away basicaly.

Also can i claim back things like Packaging and Stamps on tax return?
Reply With Quote
  #8  
Old 07-15-2008
Junior Member
Threadstarter  
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default

Yes but they dont know i exist yet... This is the question, shal i register self employment now and register the biz. And start?
Reply With Quote
  #9  
Old 07-15-2008
Banned
 
Join Date: May 2008
Posts: 599
Thanks: 1
Thanked 8 Times in 6 Posts
Activity: 0%
Longevity: 89%
iTrader: (2)
Default

Modee let me rephrase my question. If I'm using bogus accounts how will I be liable for taxes? Do I apply for self employed?
Reply With Quote
  #10  
Old 07-15-2008
Banned
 
Join Date: May 2008
Posts: 599
Thanks: 1
Thanked 8 Times in 6 Posts
Activity: 0%
Longevity: 89%
iTrader: (2)
Default

Modee I don't know much about taxes. I leave the tax stuff to my accountant.

Last edited by Modee; 07-15-2008 at 04:57 PM.
Reply With Quote
  #11  
Old 07-15-2008
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 10,443
Thanks: 2,824
Thanked 3,509 Times in 1,507 Posts
Activity: 42%
Longevity: 100%
iTrader: (24)
Default

Doesn't the IRS check bank statements if they decide to audit you? How would you explain all the extra money if you don't claim it?

It's best to do you taxes correctly.
__________________
\_(ツ)_/ Get -->

Notice: A SHORT & SWEET PM gets answered before ANY other PMs sent me.
Reply With Quote
  #12  
Old 07-15-2008
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 10,443
Thanks: 2,824
Thanked 3,509 Times in 1,507 Posts
Activity: 42%
Longevity: 100%
iTrader: (24)
Default

Quote:
Originally Posted by greg2414 View Post
So am i declaring everything i make on ebay?

Is there a time i shoudl start i mean, wait until i hit lets say 200 a day or ? start right awya?
If you're making more then 5k a year with eBay... you should claim it. I'm not sure how UK is, but for the US it's something like 2-3k a year you have to claim... I'm not 100%, but yes do you taxes; it's not worth it if they audit you.

All I know is I do my taxes 100% each year, deduct as much as I can legally and I'm doing fine.
__________________
\_(ツ)_/ Get -->

Notice: A SHORT & SWEET PM gets answered before ANY other PMs sent me.
Reply With Quote
  #13  
Old 07-15-2008
Junior Member
Threadstarter  
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default

what do you deduct?

Packaging?
Postal Cost?
Petrol To The Post Office? :P

Ebay Fees?
Paypal Fees?

Last edited by GreenBean; 07-15-2008 at 04:58 PM.
Reply With Quote
  #14  
Old 07-15-2008
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 10,443
Thanks: 2,824
Thanked 3,509 Times in 1,507 Posts
Activity: 42%
Longevity: 100%
iTrader: (24)
Default

Everything it cost to make money online.
__________________
\_(ツ)_/ Get -->

Notice: A SHORT & SWEET PM gets answered before ANY other PMs sent me.
Reply With Quote
  #15  
Old 07-15-2008
Junior Member
Threadstarter  
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default

can you list to me, so i have an idea. Or pm me?
Only ebay related as my biz is just ebay.

Just so i have an idea thats all bud.
Reply With Quote
  #16  
Old 07-15-2008
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 10,443
Thanks: 2,824
Thanked 3,509 Times in 1,507 Posts
Activity: 42%
Longevity: 100%
iTrader: (24)
Default

Well, shipping cost, package supplies, computer if you use it 100% for eBay, any new office material, if you work from home then your office space, bottle water, advertising cost, etc. I would even keep receipts of gas cost when you go to send packages.
__________________
\_(ツ)_/ Get -->

Notice: A SHORT & SWEET PM gets answered before ANY other PMs sent me.
Reply With Quote
  #17  
Old 07-15-2008
Junior Member
Threadstarter  
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default

sorted.
What about ebay and paypal fees? can you get that back?
Reply With Quote
  #18  
Old 07-15-2008
aspkin's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 10,443
Thanks: 2,824
Thanked 3,509 Times in 1,507 Posts
Activity: 42%
Longevity: 100%
iTrader: (24)
Default

You can claim it I'm sure. But you won't get 100% of it back, maybe something like 50%.
__________________
\_(ツ)_/ Get -->

Notice: A SHORT & SWEET PM gets answered before ANY other PMs sent me.
Reply With Quote
  #19  
Old 07-15-2008
Junior Member
Threadstarter  
 
Join Date: Jun 2008
Posts: 511
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 88%
iTrader: (1)
Default

okily dokily suits me.
Reply With Quote
  #20  
Old 07-15-2008
Junior Member
 
Join Date: Apr 2008
Posts: 111
Thanks: 0
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 90%
iTrader: (0)
Default

Maybe I should re-phrase myself about the "loopholes", I believe in the UK you have the right not to pay VAT for up to a turnover of 55,000 (however it may be more now because they changed the law I believe). All you need to do is go below this and then you dont need to pay any VAT what so ever. I am not sure how it works in USA or any other countries.
As for the tax man thats different and I believe if you are a business in the UK the first tax year is tax free however the year after you need to pay it, its all legal I just know it works in the UK not sure about other countries.
As for the eBay fees if you are VAT registered (which is over 55k a year) you can claim a % of the VAT back from eBay, all of the expensives you can claim that back as well, Fuel costs (to the post office and etc), this can be all claimed back, im no accountant but I know these little tricks and they are perfectly legal. google it.

Last edited by ambercolour; 07-15-2008 at 09:57 PM.
Reply With Quote
  #21  
Old 07-15-2008
GreenBean's Avatar
Executive [VIP]
 
Join Date: Sep 2007
Posts: 41,774
Thanks: 5,380
Thanked 8,954 Times in 6,987 Posts
Activity: 41%
Longevity: 95%
iTrader: (6)
Default

64,000 quid nowadays. The most realistic way to get benefit is for any user here to discuss this with an accountant. There is SO much that can be claimed, that can not be claimed, expert advice is needed.
Another example is the fact that if a person is self employed, HMR&C
must be told within 3 months of registering or possibly be penalised.
This is also not paying any attention to all the other contributions
needed under current UK laws.
__________________
Ever look at someone and think WhyTF has no one hit you with a shovel yet?

Last edited by GreenBean; 07-15-2008 at 10:21 PM.
Reply With Quote
  #22  
Old 07-18-2008
Junior Member
 
Join Date: Jan 2008
Posts: 145
Thanks: 0
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 91%
iTrader: (0)
Default

Quote:
Originally Posted by John14789 View Post
Modee let me rephrase my question. If I'm using bogus accounts how will I be liable for taxes? Do I apply for self employed?
This is a excellent question, I wud love to hear a response...
Reply With Quote
Reply



« - | Credit Unions »
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



Aspkin Group

All times are GMT -5. The time now is 07:06 PM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts