I have a quick question I was hoping someone here could answer for me - I'm a small time eBay seller often buying cheap stuff from various places and reselling it for a little profit. I was wondering if sales income from online stores like eBay counts as income, and is taxed like income? I've had a look at sites like this tax calculator but can't find any of the info I need. That is all - hope to hear from someone soon
Sorry to bump an old thread!
If you're making very little profit you'll probably get away with keeping your head down - just be sure to keep all receipts, invoices, etc. If you're selling high-volume or as a business to profit then yes you will pay income tax, this calculator will be great to calculator that: http://salary-calculator.org.uk/ . As I understand, you can also reclaim tax on some things - check out HMRC's website to look at that in more detail.