Contents
All change for pensions
A waste of time & money
Tax credit mess
Fuel up (shock)
Gimme shelter
Gulp! SIPPS
Paper or plastic?
Re: Mortgages
Bank the cheque
Subs beware
VAT's the limit
Dividend end?
The buck stops
Sack with care
Selling up
A matter of trust
We're watching
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"Every breath you take" was a hit for the Police - why has there never been a band called the Revenue? There are stories about the taxman taking an interest in money-spinning activities that people get up to without thinking that they might have to pay some tax on them. Lately, there are reports that the Revenue are interested in people selling on E-Bay. This is debatable. If you are just selling off some old bits and pieces you found in the attic, you won't be taxable unless you make more than £6,000 on an individual item. So having to pay tax would probably be quite a good thing. The problem really comes when someone starts to buy things in order to sell them. If you are trading goods, whether out of a physical shop or a virtual one, then the profits you make are liable to income tax - on any amount, not on sales of over £6,000. They used to have the same view of car boot sales - selling your own stuff occasionally is unlikely to be a problem, but buying and selling on a regular basis is something they will tax. Of course, it may be difficult for them to spot it - but if you've kept quiet, and they do notice, then there's trouble. You never know how good the Revenue's intelligence-gathering is until you are on the wrong end of it, so it's best to assume that they know everything (apart from where the tax refund claim is that you sent in a month ago). If you are in any doubt about the borderline between what's taxable and what isn't, we can advise you.  |
© Bayar Hughes & Co., 2010.