Do you need to inform the income tax office

  mrwoowoo 04:09 21 Jan 2014

Would a housewife who is not claiming any type of benefits need to inform the tax office if she starts selling items on Ebay. She would be buying items to sell and only making a small profit a week up to £30. I realise this is below the personal allowance threshold, but would you still have to inform them anyway or fill out a yearly tax return form.

  fourm member 08:51 21 Jan 2014

This is not an expert opinion, just what I would do in the circumstances.

The taxman is nothing like as scary as people think. I'd keep proper records of every transaction and keep an eye on the amount involved.

As long as it stays small, I doubt the taxman will be interested. But, if there is a query, having full records shows there was no intention to ignore the tax implications.

  spuds 16:28 21 Jan 2014

This might help? click here

  mrwoowoo 21:40 21 Jan 2014

thank you both for the replies and for the link

  oresome 13:46 22 Jan 2014

Assuming the housewife hasn't school age children, there is probably an advantage in being registered as self employed.

The National Insurance contribution necessary to qualify for a state pension is much less for the self employed with minimal earnings.

With children, the N..I contribution is credited anyway I believe, so this advantage wouldn't occur.

Have a word with the taxman.

This thread is now locked and can not be replied to.

Elsewhere on IDG sites

The Evil Within 2 review-in-progress

Adobe shows still-in-development tools, including automatically colourising black-and-white photos

iPhone X news: Release date, price, new features & specs

Comment transformer un iPhone en borne Wi-Fi ?