Changing to a business account on ebay- tax advice please?

I've been buying and selling on ebay for about a year now and i had a message this morning requiring that i change to a business account. There isnt really any information on there about how much you are allowed to transfer annually before you are taxed and how much you are taxed when you do go over the limit.


Has anyone else been in a simular situation or know about the tax percentage?


Thank you very much for your answers.Changing to a business account on ebay- tax advice please?
You pay tax on your profits, not on the amount to transer to and from any particular account. If you have not already done so, you need to contact HMRC and register as self employed. There will be a penalty for late registration of 拢100, but don't leave it any longer as you will incur worse fines and interest. You will need to do your first return by 31 October.Changing to a business account on ebay- tax advice please?
Be very wary of phishing emails pretending to be from ebay (and giving you handy links to click on that steal you password) ..





If you have only ever sold second hand goods there is no reason for you to need to upgrade to a 'business' .. however if you do a lot of sales you may be able to get better listing fees / commission rates from ebay by upgrading ...