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Tax on Additional Income?

  • 16-01-2012 7:33pm
    #1
    alfawex
    Closed Accounts Posts: 1 ✭


    Hi all. Thought this might be a good place to find some info. I currently work fulltime but buy and sell on the internet also in electronic equipment. I usually buy things for cash then sell them on eBay at a profit.

    I was wondering what the law would be on any additional income I get from this? Any help appreciated. Thanks


Comments

  • #2
    Toblerone1978
    Registered Users, Registered Users 2 Posts: 684 ✭✭✭Toblerone1978


    alfawex wrote: »
    Hi all. Thought this might be a good place to find some info. I currently work fulltime but buy and sell on the internet also in electronic equipment. I usually buy things for cash then sell them on eBay at a profit.

    I was wondering what the law would be on any additional income I get from this? Any help appreciated. Thanks

    You have a trade here, so it looks like the income tax rules of a sole trader applies. The fact that it's additional income makes no difference, i.e. your taxable profit from this additional job would still be subject to income tax and levies as normal.

    The only difference is that your tax credit, standard rate and lower USC rates would have been used in your PAYE job.


  • #3
    Bridge96
    Registered Users, Registered Users 2 Posts: 2 ✭Bridge96


    alfawex wrote: »
    Hi all. Thought this might be a good place to find some info. I currently work fulltime but buy and sell on the internet also in electronic equipment. I usually buy things for cash then sell them on eBay at a profit.

    I was wondering what the law would be on any additional income I get from this? Any help appreciated. Thanks

    You would have to declare this on an annual tax return and pay tax for it.

    HMRC are releasing an e-marketplace tax amnesty on the 15 March and in this article I read from Twitter there is a list that asks questions as to who qualifies for being eligible for paying tax.

    http://www.kinsellatax.co.uk/index.php?page=hmrc-targeting-online-traders

    Hope this helps. I occasionally sell on E-bay but it is personal belongings and I don't buy with intent to make a profit, so I am not required to declare tax. I think it is aimed at people who have online shops through eBay etc.

    Do you trade through a shop? If you are making a profit I am pretty sure you are required to pay tax.


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