Tax confusion!

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JaredD
Posts: 1
Joined: 14 March 2018

Tax confusion!

Postby JaredD » 14 Mar 2018, 16:52

Hi everyone!

I buy and resell computer hardware online, and make some decent money out of it (shame the GPU market is so screwed, used to make some decent money out of it ): ). Anyway, I'm starting to make a few thousand a month from selling parts from home on top of my actual job, and was wondering if I need to pay income tax on revenue from sales? I've been looking into the tax I pay on my incomes and found I am almost at the higher tax rate - if I included revenue from selling hardware it would be well into the higher tax boundary, according to this online calculator https://www.income-tax.co.uk/. Could anyone give me some pointers/advice about this? Many thanks in advance :)

Cheers
Jared
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Johnmcl7
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Tax confusion!

Postby Johnmcl7 » 14 Mar 2018, 20:29

Welcome to the forum Jared, I've moved your topic to this section where I think it's better suited.

I don't have much expertise on tax although I'd think if you were drawing a profit from your trading then technically you should be registered as a sole trader and completing a tax return. If no-one else here is able to give you tax advice, I'd strongly recommend MoneySavingExpert as they have a forum section specifically on tax and are usually quite helpful:

http://forums.moneysavingexpert.com/for ... y.php?f=22

And yes, RIP to the GPU market :(

John
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