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Buying and selling Kindles - should I worry about tax?

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Offline EvaR
18 Apr 2018, 01:42 PM | Post: #1

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Buying and selling Kindles - should I worry about tax?

Hello Smile I run an eBay store selling mainly Kindle tablets, but occasionally I dabble in iPhones and other devices if I can find a few for cheap that I can fix. I was wondering if I should be worried about paying income tax on the money I make from the store. I work full time and only do things for the store on weekends and occasionally evenings, but the sales from it don't make an insignificant amount of money (£2000 a year at most?). I've heard stories about eBay sellers being hunted down by HMRC but not sure if it's actually true. I've looked at sites like this tax tool but there's no mention of income from other sources. Does anyone here have a better idea of this than me, or advice?
Thanks in advanceWink
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Offline jobo
21 Apr 2018, 11:23 AM | Post: #2

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RE: Buying and selling Kindles - should I worry about tax?

This post was last modified: 21 Apr 2018 11:27 AM by jobo.
(18 Apr 2018 01:42 PM)EvaR Wrote: Wrote:  Hello Smile I run an eBay store selling mainly Kindle tablets, but occasionally I dabble in iPhones and other devices if I can find a few for cheap that I can fix. I was wondering if I should be worried about paying income tax on the money I make from the store. I work full time and only do things for the store on weekends and occasionally evenings, but the sales from it don't make an insignificant amount of money (£2000 a year at most?). I've heard stories about eBay sellers being hunted down by HMRC but not sure if it's actually true. I've looked at sites like this tax tool but there's no mention of income from other sources. Does anyone here have a better idea of this than me, or advice?
Thanks in advanceWink
Err, yes, there a point were you become a trader rather than someone sell off their junk, if your buying stuff to resell thatS you. How likely you are to get caught and what they will do to you with regarding bach tax is another matter, but it's certainly a possibility.