Selling on Ebay, second income, do I have to pay tax?
your friend is wrong, because you have a job, any extra income needs to be taxed, you will need to register with the inland revenue as being self employed for this job and complete a tax return at the end of each tax year to declare your addition income. The 60,000 is in reference to charging VAT, if you were selling goods to that value in a year then you would need to register for a VAT number and charge VAT on any sales and reclaim VAT on purchases. Given the value of profit you are making it seems likely you would hit 60,000 sales in a year. You only need to register in the month that your yearly sales to date reach that value but you can register sooner. The fines for not paying tax are very large and if you ignore paying tax deliberately it is also a criminal offense that you can go to jail for, don’t wait any longer and speak to the inland revenue today and discuss how it will work best for you.
