E-BOOK
Selling Your Things, or Running a Business?
Clearing out your loft is not trading at any amount of money. Buying things in order to sell them is trading from the very first sale. Ten chapters on how that question is actually decided, and on what the platforms now report about you.
- The nine badges of trade, and which one usually settles it on its own
- Why the £1,000 allowance is measured on income and not on profit
- What eBay reports to HMRC, when, and what a nudge letter actually means
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Who this book is for?
Anyone selling on eBay, Vinted, Etsy, Depop or Marketplace who has had a letter, expects one, or simply wants to know where the line is before they cross it. No prior knowledge assumed and no accountancy vocabulary used without explaining it first.
If you are selling your own things
There is no income tax to pay, at any level, and the book says so plainly rather than hedging. It also covers the one exception, which is capital gains on a single item over £6,000, and why cars are exempt from it.
If you have started buying stock
You are trading from the day you bought the first thing intending to sell it, not from the day you noticed. The book covers what changes on that date, what to register for and by when, and what records to start keeping immediately.
If you are somewhere in between
Most people are. Chapter three works through the awkward middle cases, and chapter ten is six questions that will tell you which side you are on.
FACTS
30 sales or £1,700
The point at which a platform reports you to HMRC. It is a reporting trigger, not a tax threshold, and confusing the two is the commonest mistake in this area.
300 units a month
the break-even
11 chapters
One sitting
FACTS
£430
The extra tax the worked example pays in one year for not writing down what stock cost. The record that would have prevented it is one line per purchase.