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18 August 2015
Advice required on when a hobby transforms into online trading.
I believe that HMRC are again warning those who are carrying out a trade online perhaps through trading websites that they should be declaring their profits and paying income tax and National Insurance contributions as applicable.
I understand that HMRC are looking for unregistered traders rather than those who are simply selling unused personal property. My concern is how they will separate the former from the latter.
As an example a client of mine has collected vinyl records for many years for his personal enjoyment. In the process of buying records for his own collection he finds good quality discs that are not of particular interest to him. In the past he tended to ignore these but recently he has concluded that he could buy and resell them. In his own collection...
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