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Trading on E bay – Do I have to tell the taxman?

You may have heard that HMRC now use computer programs to scan popular internet sites such as e bay to look for UK citizens who are making multiple transactions.

So, when do you have to tell the taxman if you are trading on ebay?

Firstly, if you are just selling some of your personal possessions, then you do NOT need to tell HMRC via your tax return.

But, if you are purchasing goods, in order to sell on e-bay, then you DO need to declare your trading to HMRC.

Also, if you are making items yourself (such as jewellery or clothing), with an intention to sell to make a profit, then you DO need to declare your trading to HMRC.

Or, if you are selling goods on e-bay on behalf of others, for which you are charging a commission, the you DO need to declare your trading to HMRC.

Remember – if you are VAT registered, then you need to charge VAT on your e bay sales.

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