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Avril Harper Products
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"Time to Come Clean With the Taxman"
© Avril Harper, Chartered MCIPD, Dip PM
I've lost count of the number of times people have suggested that selling on eBay, being ‘just a hobby’, exempts them from paying tax on their earnings. Worse still, I have visited forums and blogs where so called ‘professional’ eBay sellers confirm that selling on eBay does not involve paying tax.
That’s absolute rubbish and given the current tax year for most people ends just a few weeks from now, on April 5th, this seems like the perfect time to say you must declare whatever profits you make on eBay. You won’t always have to pay tax on your profits, but you should always declare them.
Some people may be surprised to learn you must declare and could pay tax on items you sell which were originally bought for personal use and which you later choose to dispose of, such as collectibles and antiques.
This ‘profit’ element on personal a goods is regarded by the taxman as ‘Capital Gains’ or ‘Profit’, depending on whether the seller is a private or business seller on eBay.
You’ll find more information about declaring gains on personal and business goods at:
http://www.ehow.co.uk/about_7657515_do-claim-income-selling-ebay.html
All articles are provided in good faith and are researched and written to the best of our abilities. However, readers should always do their own due diligence before investing in any business opportunity, and they should be aware that many article writers and web masters, including ourselves, frequently receive a commission for selling other people's products. We pride ourselves on always choosing the very best products to recommend to our readers and we only recommend products offering a solid money back guarantee.
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