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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

  • Hello,I am presuming that even if you sell one or two items that you would not make a profit of £1000 or above?At this stage there is no need to inform the tax office about any potential additional income.If after a year of trading you were fortunate enough to make a profit of £1000 or more then this would be the time to declare  extra income.At this stage, I would not be concerned about setting up as an independent trader and there is no need to inform the tax office about anything,there would certainly be no need to inform the tax office about one sale-this would only be necessary if your profit reached £1000/above.I am guessing that the items that you intend to sell are not particularly expensive-it could take multiple sales before you would reach £1000 in profit.If you inted to try out the process if selling online-take note of any costs-materials,shipping...keep all receipts just in case you do need to contact the tax office following a year of selling online.A simple log book to take note of expenses and any potential profits .Some sites charge a fee/ small percentage rate if you make a sale .others have no charge.

    I have recently  been considering making and selling product online.I have a friend who has several years of experience doing this-she has a full time job but makes an additional income from selling her craft work-during her first year she did not make much profit and did not exceed the £1000 mark so she had no need to declare anything to the tax office.My friend's products are now selling well and she does need to declare her additional income-I am not sure of the exact details of this process but it is not something she concerned herself about when she first started to sell things online.

    Whatever you decide to do,I wish you all the best. : ) 

Reply

  • Hello,I am presuming that even if you sell one or two items that you would not make a profit of £1000 or above?At this stage there is no need to inform the tax office about any potential additional income.If after a year of trading you were fortunate enough to make a profit of £1000 or more then this would be the time to declare  extra income.At this stage, I would not be concerned about setting up as an independent trader and there is no need to inform the tax office about anything,there would certainly be no need to inform the tax office about one sale-this would only be necessary if your profit reached £1000/above.I am guessing that the items that you intend to sell are not particularly expensive-it could take multiple sales before you would reach £1000 in profit.If you inted to try out the process if selling online-take note of any costs-materials,shipping...keep all receipts just in case you do need to contact the tax office following a year of selling online.A simple log book to take note of expenses and any potential profits .Some sites charge a fee/ small percentage rate if you make a sale .others have no charge.

    I have recently  been considering making and selling product online.I have a friend who has several years of experience doing this-she has a full time job but makes an additional income from selling her craft work-during her first year she did not make much profit and did not exceed the £1000 mark so she had no need to declare anything to the tax office.My friend's products are now selling well and she does need to declare her additional income-I am not sure of the exact details of this process but it is not something she concerned herself about when she first started to sell things online.

    Whatever you decide to do,I wish you all the best. : ) 

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