Selling Steelbooks for profit [Based in UK]

[riddlesNrhymes]

I have a question regarding selling steels for profit on eBay. I've only been doing this a month or so now. Whenever I like a steelbook I usually buy 2 copies, one to keep and one to sell. Usually selling one means I actually ending up paying about a 5er for the one I keep. So that's pretty good!

Anyway, I've realised this is pretty much the actions of a Business. Do I need to let the tax man know what I'm doing? I don't think I earn enough from this to pay tax on it anyway, but I'm just wondering if I need to do anything to stay in line with the tax laws.

Any help would be appreciated, thanks.

 

[sunnyx]

I've PM'ed you

 

[HUBMUSWELL]

Good question! No idea about paying tax on, I guess, income

Anyways, that's a very good plan, buy two, sell one and that reduces the cost of the one you keep

 

[SaberTooth]

Just visit ebay's forums - there are loads of questions like this there.

 

[CaptainCoffee]

I think you only need to let the taxman know if your earnings from selling over the year are over £4000+.

I'm not entirely sure though I just thought a few more people might have been curious.

 

[Jinny]

I believe eBay issues a 1099 Form for US sellers who exceed 200 transactions and $20,000 USD in a calendar year.