ebay - This time next year i'll be a millionaire

  powerless 20:16 26 Jun 04
Locked

This is nothing new but damn it is exciting.

Lets say I purchased 10 CD-Rewriters @ £40 each [maybe less if i find a supplier that does bulk]

Put each one on ebay for a reserve price of £35

If i'm Lucky each one goes for £50

So I spent £400

£500 back / £100 profit.

Qestion: The tax man would be OK with this wouldn't he?

I'm mean it is not a business is it? [me selling]

Oh and i've never used ebay before!

  Totally-braindead 20:35 26 Jun 04

I hope that was a hypothetical price as you can get a branded CD writer for less than £30 from any of the suppliers I use. Regarding the Tax man I'm not sure. If you're setting up as a bona fide business then I would say you would have to set up for tax, if however you're selling the odd few items then I would say no. But I wouldn't take my word for it as I'm not a tax expert, but I'm sure someone on the forum is. If it was that easy to become a millionaire then I think we would all be doing it.

  powerless 20:38 26 Jun 04

Price as an example.

  Totally-braindead 20:44 26 Jun 04

Think about this though Powerless, if you bought them at that price and did actually manage to sell them but only got the £35 reserve then it would have cost £400, you would have made £350, result loss of £50 plus you Ebay listing fees which costs more if you put a reserve on it I think.

  powerless 20:47 26 Jun 04

Well i was thinking positive you see.

But you just saved me a few.

  carver 22:04 26 Jun 04

One other thing to bear in mind, you order the items, wait a week for them to arrive, place them on Ebay, a further weeks wait and by this time they are obsolete items and you can buy a DVD rewriter cheaper

  spuds 23:03 26 Jun 04

Many have tried..Some have failed (;O(

  Forum Editor 23:12 26 Jun 04

You are buying items to sell them at a profit, and anyone who knows anything about the tax legislation knows that what you are doing is trading. You're selling goods for monetary gain, and must declare the resulting turnover and profit for taxation purposes.
The Inland Revenue watch Ebay for this kind of activity, as do other organisations. Someone I know has recently fallen foul of the Wimbledon ticket Office. She advertised two tickets for the Mens final on Ebay, and within a few hours she had a single bid that was three times her reserve price. This was followed by an automated email saying that the buyer had requested her contact details. The mail contained the details of the bidder, so she phoned the number given - it was 'not available' said the BT automatic responder. She emailed the address given, and her message bounced.

A short time later she received a phone call from the Wimbledon ticket office saying that if she didn't immediately withdraw the tickets from the ebay site they would be cancelled.

It doesn't pay to break the rules.

  Nellie2 23:39 26 Jun 04

That's what I said.... the tax man is everywhere!!!

  -Beb- 10:32 27 Jun 04

Don't forget ebay charges. If you seta reserve price then you will pay a higher starting fee. You then have to paya final fee, and if the buyer pay via paypay that another ~4% added on, so in your example you would probably be making about £50 rather than £100

  Stuartli 14:39 27 Jun 04

In any case, with such a level of business acumen on show, I don't think the taxman would be losing too much sleep....:-)

Hardly exciting.

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