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  1. #11
    Contributor ebaysteve
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    Quote Originally Posted by eggman
    Do you think the taxman will start tracking down sellers that seem to be doing well?
    HMRC have employed a VATbot for some time now, I first found this back in October last year, and although targetting VAT defaulters (traders with turnover in excess of £65k per year), It would not be hard to filter out those that are earning enough to affect their personal tax allowance and contributions.

    UK Taxman launches eBay VAT robot
    The UK taxman has unleashed a £250,000 "web robot" to track down VAT-dodging high-volume eBay traders who have absent-mindedly forgotten to register for Value-Added cash extraction.

    According to thisismoney.co.uk, the "robot" in question is an advanced search engine which pinpoints said rogue traders. HM Revenue & Customs (HMRC) estimates it will net £1m a year in extra VAT and "force an extra 20 businesses to register for the tax".The National Audit Office (NAO) says VAT on ecommerce sales - which continue to rise inexorably - totalled in excess of £1bn during the 2005 to 2006 tax year.

    An estimated 70,000 people make a quarter of their income by trading on eBay. Sadly, many do not declare these earnings, and while those dealing second-hand stuff need pay VAT only on profits, failure to do so or to keep proper records could result in being hit for VAT on the full sale price.The news from HMRC to capture organisations trading on eBay and not maintaining accurate financial records coincides with the decision by eBay.co.uk last week to endorse Tradebox as a recommended eBay third party tool. The product, which integrates eBay sales directly with Sage’s SME accountancy solution Line 50, provides businesses trading on eBay substantial time savings by automatically compiling their financial records from eBay sales, including the accurate compilation of their VAT liability.
    Source.

    The subject has recently been featured on the BBC News pages in the last few weeks as well.

    I'm not going to preach or scaremonger - but make your own decisions on this - http://www.workingforyourself.co.uk/...rs/default.htm

    When the taxman comes knocking on the door, I would rather be prepared to deal than try to fight it off!

  2. #12
    Enthusiast ComCrazy
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    Don't confuse Tax (and self employment) with VAT.

    You don't have to register for VAT until your turnover exceeds £61,000 per year, so don't worry about VAT

    I don't know how much truth there is in the "VATbot", as I understand that ebay have provided the HMRC with a list of all powerseller details on request in the past.

    As for registering as a trader, all that really means is filling in a form online once a year (self assesment form).

    You'll have to pay NI contributions if you earn over £4615 profit from your self-employment (ebay) business.

    Keeping accounts is always good though, on any scale, even if you only sell a few items a week.
    Its easy to forget about "the bottom line", until you see exactly how much you spend or profit on each area.

    Disclaimer:
    "I am not an accountant, though I have one to do my Tax and VAT return"

  3. #13
    Contributor eggman
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    I sell items I have purchased from abroad so would I have to pay earnings tax and also customs tax if any item gets to me without being charged?

  4. #14
    Contributor ebaysteve
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    Quote Originally Posted by eggman
    I sell items I have purchased from abroad so would I have to pay earnings tax and also customs tax if any item gets to me without being charged?
    Again, these are two separate taxes - customs tax is what you pay as a consumer for importing an item over a certain value, "earnings" tax would be based upon anything extra you sell the item for.

    There is a phrase that is particularly apt in all things tax-related -- Better the devil you know, than the devil you dont! Be aware of the type of activity that the taxman takes notice off, remember how easy it is to see your trading history by your feedback and Goofbay searches, and that the HMRC have access, if they so desire, to every electronic transaction you make!

    Have a look around the like to the HMRC website about e-trading to decide if you are more an opportunist investor, or if you are planning to make a longer term habit from it.

  5. #15
    Contributor gypsyofthesky will become famous soon enough
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    Quote Originally Posted by adeemnisar89
    THIS what you looking for?
    On the BayMaestro home page it states "BayMaestro has recently been updated to cope with new eBay fees coming in on 1st March 2007"

    Does anyone know what these fees are!!???
    If they are putting prices up again I really think they can stick it and I think everyone should tell them to stick it and use tazbar.com instead!!!!!

  6. #16
    Contributor ebaysteve
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    The changes are only in the DVD/Music categories and eBay motors.

    http://www2.ebay.com/aw/uk/200701291040572.html

  7. #17
    Expert guyuk
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    Quote Originally Posted by eggman
    That's pretty good advice!

    Do you think the taxman will start tracking down sellers that seem to be doing well?
    Well as he gets more time on his hands and with the press reports of the so called profits that can be made then YES I reckon he will.

    One thing I have always dont on my internet accounts is once I reach a 1,000 ratings I ditch it and start again.

    There is an argument that anyone could flog 1,000 items of a personal nature (read 'my life sold on ebay' for eg) but more than that could be difficult.

    If I was a tax man Id go after the higher ratings first wouldnt you?

    Besides....its great to start again and get that first 100 star / sales all over again

    Its also good when some numpty seller/buyer says 'Ive got more stars than you so Im a better person' and you point out that you have about 9,000 ratings dotted about the place so go and SWIVEL.

    ....or maybe thats just me?
    So Long and THANKS for all the fish !

  8. #18
    Junior Member Member351627
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    As far as eBay profit and loss spreadsheets go, http://ProfBay.com/ looks like a better way to go than spreadsheets. http://ProfBay.com/ is a free eBay profit and loss analysis tool that gives sellers a general view of their eBay businesses, analyzes cashflow, and helps sellers plan their ongoing and future sales.

    Features:

    * Automatic importing of eBay listings
    * Automatically tracks all expenses, fees, and income
    * Other income and expenses (including acquisition costs) can be added by the user
    * Built-in graphs and charts to measure your profit or loss
    * At-a-glance view of your eBay business
    * Support for multiple eBay ids
    * Track item views with a click of a button

    They are on open beta, and they're giving away free accounts during their beta.

  9. #19
    Junior Member marcus45 is an unknown quantity at this point
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    Try thepowersell
    It automatically grabs all sales relevent sales data from eBay such as Selling Price, Shipment Price, eBay Fees, PayPal fees, Item thumbnail, Buyer's address/Name for each transaction automatically into one page. You just need to enter your cost price and it will show up your profit and loss for each item and in total.
    It's a great tool to be in your arena, saves a lot of time.

    Thepowersell


 

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