'eBay bought my holiday'
A report on the BBC this morning about the credit crunch and how people are spending and/or saving money featured a tiny snippet about a young women who was going on holiday to South Africa and was funded this to the tune of £5,ooo from the sale of clothes on eBay.
Me being me my first thought was "I wonder if she's declared that extra income to the Revenue?"
4 comments:
Presumably if she's selling her used gear it's at a loss, which means that the money she gets for it doesn't count as income. It'd only be taxable if she bought bullion or such a few years ago and is selling it at a profit.
Yeah if she's selling just her own stuff that's fine, it's when you start buying things in with an intent to resell that HMRC classes you as a trader. To get £5k she must have had a lot of second-hand clothing though.
Wait — you're supposed to tell the IRL that you're earning money??
Crap. I should probably tell them that I'm employed now…
Not if you're an employee, your employer takes care of all that. The fuss comes when you're either earning money as a self-employed worker or you're earning it 'on-the-side'. The government wants its cut to help finance the war, that'd be the one with France against Napoleon.
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