Reselling on eBay/amazon

[leon19]

I've been part time reseller for a year now and have a business account on ebay. I recently lost my job so am now looking at putting more time into ebay. I sell new and used things. I get things from car boots and also good to look out for things like closing down sales and clearance items. M&S 90% off sales are good too. For example a Debenhams was closing down near by and they were selling £50 dresses for £2. I don't feel bad doing this because my buyers always get a good deal. They pay less than retail price and I make money from it. I learnt it as i went along also Instagram have a great reseller community tonnes of accounts that are top end in this and making thousands a month I found these pages useful to look at that they show you what to look out for and what brands have higher resale values. There's been months I've made £1000 in profit and thats just been part time hours

 

[JoeBloggs]

If you a buying to resell rather than selling your old stuff you have to register as a business account on eBay. You will have to register with HMRC once you make over £1000 a year. eBay is a hard game for professional sellers. You have to accept all returns and they cost you, eBay is very buyer based.

I sell my old things and for family and do quite well but I don’t buy to sell. I dabbled in Amazon for books I had as they were priced higher than eBay but it was all a bit of a faff and the fees fees high.

 

[bubbadabut]

I have never used Amazon to sell, but I did use ebay a lot in the past. Nowadays I restrict selling on there to cash on collection only items. Ebay is heavily stacked in the buyers favour. Sellers have little protection and in disputes, ebay generally side with the buyer.

While most buyers are absolutely fine, it's the minority who cause all the problems. I actually find selling anything to be a cause of anxiety these days, due to the stream of stupid people who can't read an item description, or change their mind, or bug me about postage rates. If you are of a stronger mind than me, go for it, but just be prepared for the idiots and scammers.

Plus don't forget they take 10% of your selling price as a final value fee(PayPal skim a bit off as well I think) plus they take 10% of your shipping costs too now I think.

 

[Kim Mild]

I read a blog post about selling on Ebay and it said once you make a certain amount you are supposed to declare it for tax purposes apparently. Also you are not meant to buy things and sell them for profit . I'm always re-selling things I originally bought on ebay when I don't want them anymore/ I list for less than I paid just in case

 

[chocolate choux]

Thanks for all the reply’s! Don’t know why I’m not getting notifications for my own thread!

Definitely meant doing it properly, not on a personal account! I went down a rabbit hole on youtube of English resellers then onto American ones and some seem to make bloody loads! Maybe it’s not as good as they make out!

I think you have to take everything with a pinch of salt. I follow a few resellers on Instagram (I don’t resell but some are also part of the debtfree community) and they’re always mentioning other members of the community being misleading. Recently started using ebay to sell a few personal items and the 90 day total isn’t accurate - it includes postage fees and money from cancelled sales so it looks like I’ve made much more than I really have! It also doesn’t take into consideration ebay and PayPal fees. Resellers should factor in the cost of the stock too. So a 90 day total of several thousand could mean little profit after high item costs/expensive postage and fees

If it’s something you want to pursue then go ahead and test the waters by starting small so you don’t lose (too much) money if it turns out to be less lucrative than it seems

 

[KerChing]

I’ve sold (and bought!) on eBay including buying to sell on for about 15 years. You have to change your eBay account to a business one and register as a sole trader with HMRC. You’ll need to do a tax return as a self employed person. I’d recommend getting help with this if you’ve not done it before.

The past year, I’ve done it as my job after leaving a job I couldn’t stick any longer. I’m back working again now but still eBay on the side for a couple of extra quid.

Fees are high, buyers are utter bellends and it’s not an easy way to make money. You need to hold a lot of stock to get a decent income in my experience. I don’t watch the YouTube people as they’re unbearable.

@Kim Mild i don’t know what you mean about you’re not meant to buy things to resell? Many people make a living doing this - there’s nothing wrong with it.

 

[Peonyprincess]

That sounds amazing, well done you! Where did you learn about the business side of things or do you just pick it up as you go? Are you registered as a sole trader or are you a company? Do you keep receipts from the stuff you buy or is that not a thing? I’m sort of alright with the eBay side of stuff it’s just becoming a business/who to tell/vat/taxes etc I’ve got no clue!

Yeah just set up an eBay business account, ring HMRC and register as a sole trader (I told them what I’d be doing and that’s what they said to do) then hey an accountant.
It’s a real easy simple business model, because you’re nett figures are easily assessable on your sellers account page on eBay.
I quit my job as a teaching assistant a year ago resell instead and it’s the best thing I’ve ever done.
Try following some resellers on Instagram as they’re stories are amazing for tips and research.
Go for it ... you won’t look back ! And the potential to earn more than I do, if you want to put more hours in, is massive.

 

[Dogtanian]

I used to use ebay for buying and selling all the time... ...about 10 years ago. Now I stopped using it entirely after bad experiences with scammers, thieves and fraudsters. I wouldn't recommend touching it with a bargepole nowadays.
When it comes to selling we use the facebook local buy and sell groups.

 

[KerChing]

That sounds amazing, well done you! Where did you learn about the business side of things or do you just pick it up as you go? Are you registered as a sole trader or are you a company? Do you keep receipts from the stuff you buy or is that not a thing? I’m sort of alright with the eBay side of stuff it’s just becoming a business/who to tell/vat/taxes etc I’ve got no clue!

Just change your eBay account to a business one (or start a new account as a bus acct), register as self employed on the HMRC website and make an appointment to see an accountant about your tax return.

 

[minskks]

I read a blog post about selling on Ebay and it said once you make a certain amount you are supposed to declare it for tax purposes apparently. Also you are not meant to buy things and sell them for profit . I'm always re-selling things I originally bought on ebay when I don't want them anymore/ I list for less than I paid just in case

This is completely untrue and I am unsure what blog you read this on, but they are talking nonsense. If you are buying to sell on you have to register as a business with HMRC. If you are selling your own personal items then you do not need to register as a business.

And of course you are allowed to resell items for more than you paid, why on earth would you not be allowed to do this? I am shocked you think you have to list for less than what you paid.

 

[Peonyprincess]

Hi I’m a part time reseller and make about £900 a month after fees and tax .
By part time I mean I spend about 15 hours a week on my business.

 

[JoeBloggs]

This is completely untrue and I am unsure what blog you read this on, but they are talking nonsense. If you are buying to sell on you have to register as a business with HMRC. If you are selling your own personal items then you do not need to register as a business.

And of course you are allowed to resell items for more than you paid, why on earth would you not be allowed to do this? I am shocked you think you have to list for less than what you paid.

I think they are referring to the £1000 tax limit for a side line. You can earn up to £1000 selling online (for a business profit) before registering but it’s always advisable to just register anyway

 

[minskks]

A seller cannot report you for selling something you bought from them. Not sure what they would report you for?

 

[JD-Morgan]

I use eBay to buy and sell.

I’m not a business, just use it to sell stuff like old phones, clothes/shoes I’ve never worn and recently sold an old pair of GHDs.

I like eBay, never had any major issues. A buyer once opened a case against me saying they hadn’t received the item which was marked as delivered to a porch on the tracking. The buyer said they don’t have a porch.. after a quick google map search revealing they do in fact have a porch eBay quickly sided with me.

 

[idk2]

I dont use eBay or Amazon - I find them way too confusing if I'm honest and I didnt have the patience to figure out their long-winded methods.
I use Depop, its great. Quick and easy.

 

[Minxxx]

I sell on eBay, Amazon and Etsy. I would recommend starting by selling things in your house. You get a feel for the platforms and what type of things people like. You could watch YouTube videos but the vast majority of eBay Youtubers and clueless so take things that they say with a pinch of salt.

The best thing to do is research. Look at sold listings to get an idea of what is selling and for how much.

As soon as you start buying to resell, you must register with HMRC. It’s easy, just give them a call and they will talk you through it all.

 

[KerChing]

I don't think I explained it very well. Selling lots may make ebay think a seller is a business masquerading as a private seller. ( I know of this happening when selling cars)

On tax credits renewal there is a place for 'other income ' . A substantial income from selling on ebay should be declared there surely . Anyone who thinks ebay is their 'job' should declare their earnings from it .

I always feel if I bought something second hand on ebay then I decide to sell it (because I no longer want or need it ) the seller I bought it from might report me .

If you’re buying to sell on for a profit, you’re a business seller and need an eBay business account, not a personal account. It’s a quick and easy change.

I don’t get tax credits but I declare my income in the usual way for self employed people through a self assessment tax return.

Report you to whom and for what?

 

[Fruitleopard]

Hi all,

I am thinking about reselling on eBay and possibly amazon but don’t know where to start! Wondering if anyone here has any experience/advice? Like am I better off starting as a sole trader or becoming a business?

Any help would be really appreciated!

Have done some searches on google but it just gets so confusing so thought I would try here! Also sorry if there’s already another thread like this.

 

[Kim Mild]

I don't think I explained it very well. Selling lots may make ebay think a seller is a business masquerading as a private seller. ( I know of this happening when selling cars)

On tax credits renewal there is a place for 'other income ' . A substantial income from selling on ebay should be declared there surely . Anyone who thinks ebay is their 'job' should declare their earnings from it .

I always feel if I bought something second hand on ebay then I decide to sell it (because I no longer want or need it ) the seller I bought it from might report me .

 

[Fruitleopard]

Thanks for all the reply’s! Don’t know why I’m not getting notifications for my own thread!

Definitely meant doing it properly, not on a personal account! I went down a rabbit hole on youtube of English resellers then onto American ones and some seem to make bloody loads! Maybe it’s not as good as they make out!