eBay and the HMRC

[UIAUK]

My scenario.

I have a fairly decent ebay account (est 2001) and paypal too.

The other half and i thinking of starting something soon, and other half will register as sole trader with the HMRC (she'll be doing most of work).

Now as the eBay Account is on my name and it's my wife who'll be registering with the HMRC - that should be OK right?

Just after your opinions peeps

Thanks

PS. Last post was back in 2007. Wow i've been away for a while...

 

[paulears]

I have no idea how you will break out her ebay and paypal figures from each other if you are both sole traders? A simple hers, mine, hers, mine won't work because they apply credits and fees based on the total - so you'd have to work out the percentage of yours/hers and then apply splits which would be a pain to manage. I'd have though a new ebay and paypal account would be so much simpler - fair enough you start with 0 feedback, but it will build quickly.

 

[MyAccountantOnline]

My scenario.

I have a fairly decent ebay account (est 2001) and paypal too.

The other half and i thinking of starting something soon, and other half will register as sole trader with the HMRC (she'll be doing most of work).

Now as the eBay Account is on my name and it's my wife who'll be registering with the HMRC - that should be OK right?

Just after your opinions peeps

Thanks

PS. Last post was back in 2007. Wow i've been away for a while...

Hate to say it but if you've been trading already you and your wife should already be registered as self employed with HMRC.

If you've just got private Ebay/PayPal accounts which havent been used for any trading my advice would be to set up a new business account when you/your wife commences self employment to avoid any confusion.

 

[UIAUK]

Sorry you've misunderstood me. (my fault - sorry)

I'm in full-time employment. The eBay Account i have is a personal one used mostly for buying but have sold bits too (mostly 2nd hand gear)

Now we have an idea to start something on eBay (haven't started yet). So as my account is up and running, we could change it from personal to business account and then get my wife to register with the HMRC as self employed and show them this eBay business.

Hope this make better sense.

Thanks

 

[MyAccountantOnline]

I see

If it's a new business I'd set up a completely new fresh account.

If it's your wife's business it should be in her name.