ebay business

[sair5412]

how do you set up an ebay business? Who should i talk to about it to get financial advice, rules and regulations and details of paying tax etc if this was to be my main source of income? Is it even possible? Help!

[Oneeyedvic]

What sort of business are you planning ot run. If it is simple buying stock, selliing it on ebay, making a profit then you really only need to contact the tax office and tell them you are now self employed and need to do self assessment.

You must keep books - ie what you buy, how much for and where from. You need to keep records of who you sell to etc.

Personally, I would speak to an accountant, ask hi mnwhat he will charge you. Your initial call will be free and you should get some good advice from them. Ask friends or family to recommend a good one or check your local yellow pages.

[Bananajo]

ebay is just a vehicle for doing business, so it's no different from selling things at car boot sales, from stalls or shops. The main thing is the scale (size) of what you will be doing, so do you set up a limited company or stay a sole trader? Also there are VAT issues. You may or may not want to be registered, but if you turnover more than 50 something thousand, you must be. I would talk to an accountant. You'll need one anyway if you start the business, and they will make sure you don't miss anything you should or shouldn't do.