Ebay tax question

[philip153]

Hi,

How much are you allowed to earn on a ebay business account before the tax man will be asking questions. I have 2 accounts running and my sales are between £750 - £2000 a month. Any help appreciated.

[soopadudette]

Depends if/when the tax man notices you.

However, any income you earn through online sales should be declared straight away. If you earn money you need to declare it. Simple as.

[NoneOther]

Originally Posted by philip153

Hi,

How much are you allowed to earn on a ebay business account before the tax man will be asking questions. I have 2 accounts running and my sales are between £750 - £2000 a month. Any help appreciated.

Anything you earn from selling on e/b is taxable and should be declared if you want to avoid trouble with HMRC. I'm pretty sure they would not turn a blind eye to over £20k going into your pocket without declaration or appropriate payment made.

Be careful not to get these guys on the wrong side of you, BIG TROUBLE

[NoneOther]

Originally Posted by Soopamuddle

Depends if/when the tax man notices you.

However, any income you earn through online sales should be declared straight away. If you earn money you need to declare it. Simple as.

It is a BIG, BIG mistake to wait for them to catch up with you. Be smart and declare it.

Another point to note is that e/b share info with HMRC and if the tax man starts asking questions about certain accounts you can bet e/b will be taking a close look at them too.

[philip153]

What if the accounts are stealth?

[NoneOther]

Originally Posted by philip153

What if the accounts are stealth?

Makes no difference, declare the income and pay the tax. You could live to regret it is you don't

HMRC do not care about the details of your e/b account, well not as a sole trader anyway. As long as you keep records/accounts of your sales income and business expenditure and declare it correctly then they are happy. Well as happy as HMRC can be.

[SUVE]

Originally Posted by philip153

Hi,

How much are you allowed to earn on a ebay business account before the tax man will be asking questions. I have 2 accounts running and my sales are between £750 - £2000 a month. Any help appreciated.

You can earn upto £6000 WITHOUT needing to declare this income to HM R&C. Anything above this amount MUST be declared & this amount subject to UK taxation minus your personal allowance.

[GreenBean]

You earn money, taxes are payable.

Seek professional tax advice.

Not the forum's place to advise.