Going Business Route · UK eBay & Vinted Sellers

Going Business Route

OK, I have tried out online reselling and feel it is time to go down the official business route. I haven't made the £1000 marker yet but not far from it.

I intend to

register as a sole trader and register for self assessment with HMRC.
Setup new Pro accounts on eBay and Vinted.

Is it best to setup a business bank account, or could I use a personal account? There seems to be a selection of banks which offer free business banking for the small business.

I am looking at keeping my personal Vinted account as I read/watched others who purchase their stock on their personal account and resell the items on their pro account. If so, how to they account for that expense in their accounts?

My family have gifted me a large number of items for me to sell online, would these be classed as personal or business sales?

Thanks for any feedback. 😀

5 comments

Going Business Route