Anyone a business seller on ebay and filled out a tax return?

[GeorgeyGal]

I started my business after April 2011 so know I wont have to do one for a while yet but wondered how you keep logs of everything, whats important to keep? Will all sales remain on PayPal history for the year? Im just worried as I wasnt expecting all this as I dont make much profit yet. What exactly is a tax return and how much would a very small business expect to pay in tax? Now Im worried that the little profits I do make will all go on tax and then some.

Also, we they say if you earn over £5K something you have to pay £2.50 per week, does that mean £5k in profit alone or on the full sale prices?

 

[sobia]

I started my business after April 2011 so know I wont have to do one for a while yet but wondered how you keep logs of everything, whats important to keep? Will all sales remain on PayPal history for the year? Im just worried as I wasnt expecting all this as I dont make much profit yet. What exactly is a tax return and how much would a very small business expect to pay in tax? Now Im worried that the little profits I do make will all go on tax and then some.

Also, we they say if you earn over £5K something you have to pay £2.50 per week, does that mean £5k in profit alone or on the full sale prices?

Hi im a qualified accountant and i can help you out!

If ebay is your sole income, the the following will apply!

If £5000 was your wages / profit that you kept then you will pay £0 in tax becuase its below your personal allowance of £7470

How ever you will hav to pay national insurance contributions which wont be much.

Theres alot of factor that come in to it. If you want help with the tax return send me a private message. Ill need answer to few more qustions