Business account question

[NoneOther]

Originally Posted by johnnyleeds

Like what for instance? Delivering leaflets? doing another part time agency job for minimum wage?

I enjoy dabbling in selling collectables cos its my hobby too so its not all bad.

£3k is less than £60 a week or less than £10 a day. There's a million ways to make an extra £10 a day without e/b or p/p involved.

And yes delivering leaflets for a couple of hours a day would be one way and no hassle from those two above.

[MERMAID]

Originally Posted by johnnyleeds

£73K per year turnover?!?! I should be so lucky!

I think my annual turnover last year wasnt even £5K! about £3K of that was profit, yikes, now I know how Lester Piggott felt....!

Here seems that everyone make over £60.000 per year

[bazoil007]

I'm thinking of closing my ebay account at the end of march
ebay have took on themselves to register me as a business anyway
even thou I have not click or filled out any forms.
If I close my account will I be safe from Mr Tax man ?
thanks

[NoneOther]

Originally Posted by bazoil007

I'm thinking of closing my ebay account at the end of march
ebay have took on themselves to register me as a business anyway
even thou I have not click or filled out any forms.
If I close my account will I be safe from Mr Tax man ?
thanks

You are never safe from HMRC.

If you have earned the money then you should declare it and pay the tax.

Have you understood nothing of what's been said above.

You are legally bound to declare the income, if not you are breaking the law and if you get caught will be severely penalised. Do yourself a favour and do the right thing.

[biggesmalls]

Originally Posted by johnnyleeds

£73K per year turnover?!?! I should be so lucky!

I think my annual turnover last year wasnt even £5K! about £3K of that was profit, yikes, now I know how Lester Piggott felt....!

Lol exactly the same as me

[SUVE]

Originally Posted by bazoil007

I'm thinking of closing my ebay account at the end of march
ebay have took on themselves to register me as a business anyway
even thou I have not click or filled out any forms.
If I close my account will I be safe from Mr Tax man ?
thanks

I think you will find that if there are discrepancies between what your declared income is on your taxation records against their own cross reference checks on these declared records-which they will-, this could be a serious issue. You could potentially suffer consequences.

Think carefully.

I'd advise you to seek professional advise from an accountant/tax expert which is beyond the remit of this forum.

[GreenBean]

Originally Posted by bazoil007

I'm thinking of closing my ebay account at the end of march
ebay have took on themselves to register me as a business anyway
even thou I have not click or filled out any forms.
If I close my account will I be safe from Mr Tax man ?
thanks

Forum does not give tax advice

(contary to the posts from some users).

See a tax professional.

DO NOT RELY ON FORUM's advice.