TAX INFORMATION FOR UK ๐ฌ๐ง
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For those who are asking if you need to register to pay tax if you made ยฃ1,000 on eBay? If your total income from eBay sales is ยฃ1,000 or less in a tax year โ NO, you does NOT need to register or pay tax. This is because of the UK Trading Allowance (ยฃ1,000 tax-free allowance). For those in uk ๐ฌ๐ง โ
If your sales are over ยฃ1,000 Then you must register for Self-Assessment with HMRC and report to report your income. About the eBay money โ if you made up to ยฃ1,000 in total sales within the tax year, you donโt need to pay tax or register with HMRC. This is because of the UKโs ยฃ1,000 Trading Allowance, which lets you earn up to ยฃ1,000 from side income tax-free. But if your eBay sales go over ยฃ1,000, even by a little, then you will need to and they don't really take much or nothing sometimes depending on what you will answer on the form. 1๏ธโฃ Register for Self-Assessment with HMRC 2๏ธโฃ Report your earnings 3๏ธโฃ Pay tax only on the amount above ยฃ1,000 Itโs simple and nothing to worry about โ I can help you check your total or guide you step-by-step if you need to register. For those in the uk ๐ฌ๐ง