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Selling stuff online

Aurora

I’ve been playing with the idea of selling some hand made stuff online. But I don’t know how to start.

 I’ve been reading about it but can’t really understand what I have to do. 

I work full time and I pay tax and insurance. 

So I’ll have to pay more tax but there’s also this £1000 trading allowance. 

It’s confusing. 

I understand that I would have to register as self employed and notify revenue about my income but I don’t know if I’m supposed to do it before I start or after I earn £1000 or when? 

I want to just put 1 or 2 thing online and see if anyone would buy it. 

If not I’ll abandon the idea. 

If someone buys it then I might sell more. 

But I don’t know if I have to inform tax office that I put one item on sale? And if it won’t sell? Notify them that it was a mistake?

Does someone know how to proceed?

Parents

  • Might Etsy be a good option for this? 
    i wouldn’t worry about any tax issues until you have actually tried to sell some of your items online - you might sell very few in which case it won’t be an issue. You only pay tax on the profits you make - and even if you sell quite a few items that won’t necessarily mean that you make a profit. How much money have you spent already on materials to make these items for example? 

    Keep detailed records of any cost or expenses you are incurring In producing your items - this can even included travel/petrol costs if you are having to travel to buy materials (at 40p per mile if you are driving in your car).  Then if you do sell items and need to work out your profits you’ll know what to deduct. Having detailed records will be very important if you do have to pay any taxes relating to this venture. 
    Good luck - I hope it goes well!

    just out of curiosity - what are you making? 

Reply

  • Might Etsy be a good option for this? 
    i wouldn’t worry about any tax issues until you have actually tried to sell some of your items online - you might sell very few in which case it won’t be an issue. You only pay tax on the profits you make - and even if you sell quite a few items that won’t necessarily mean that you make a profit. How much money have you spent already on materials to make these items for example? 

    Keep detailed records of any cost or expenses you are incurring In producing your items - this can even included travel/petrol costs if you are having to travel to buy materials (at 40p per mile if you are driving in your car).  Then if you do sell items and need to work out your profits you’ll know what to deduct. Having detailed records will be very important if you do have to pay any taxes relating to this venture. 
    Good luck - I hope it goes well!

    just out of curiosity - what are you making? 

Children
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