Selling stuff.

[Matt1245]

I would like to start selling some of the things i'm making, after all there's only so many coffee tables etc that one can fit in a house :lol:

I don't want to go to the trouble of starting a full blown business, but i would like to stay on the right side of the law and tax man. How would you suggest going about this, and also looking at ideas of how to sell my stuff.

Cheers.

Matt.

 

[colinj]

Probably Ebay or perhaps Farmers Markets. You can earn up to £800 before you have to pay tax.

 

[Newbie_Neil]

Hi Colin

You can earn up to £800 before you have to pay tax.

Can you please explain how this works?

Thanks
Neil

 

[Waka]

Hi Colin

You can earn up to £800 before you have to pay tax.

Can you please explain how this works?

Thanks
Neil

Yes I'd be interested to.

 

[Jorden]

Hi All

I'm not sure how effective Ebay is for selling furniture. I just did a search in the home and garden section for 'hand made' and only found a few items that had attracted more than 1 bid.

Dennis

 

[the_g_ster]

Hi, I am not sure where the £800 comes from either. There is no Uk tax legislation that gives you a a floor limit for earnings unless you are an incorporated legal entity, eg, Limited company.

You open up a big can of worms by setting up your own trade, so is up to you what you do there, but it will change your tax status, you will need to keep records of income and expenses and you may even end up paying business rates. The inland revenue website offers a good help guide.

On a seperate point, where is good to sell items, even as a one off? Ebay looks pretty hopeless, I have never been to a car boot but guess that offers some opportunity.

 

[ProShop]

Be careful about starting a small business even if it's just making a few items for sale. Since Jan 2002 Gordon Brown made it illegal not to register with the inland revenue BEFORE you start a business in the UK. The fine is automatic, just like failing to complete a tax return on time.

All those tax inspectors are now called tax investigators for a very good reason. They too look on Ebay.............

IMHO phone the local tax office for advice (In my experience they can be suprisingly helpful)and then you have nothing to worry about and you can sell what and when you like with no looking over the shoulder .

 

[Anonymous]

The answer to "how to sell it" is probably "try everything (and everybody including the nearest and dearest)".
It's like advertising - they say only 5% of it works but nobody knows which 5%.
The best job I ever got was from an unlikely looking free entry in a next-door county small newspaper, even though at the time I was spending about £2k per year on advertising in other places.

cheers
Jacob

 

[the_g_ster]

There are a fair few craft and traditional furniture sellers nearby to me. Has anybody ever approached a place like this to sell anything for resale? I guess even if they did purchase the shop would try and wring you dry for their own margin.

 

[Roger]

Try everything as Jacob suggests when you're starting out. Establish prices beforehand with any shop with whom you leave pieces for sale on a consignment basis. Retail outside the huge stores is around 250% mark up but if they can get more - that's up to them.

eBay works also, but it's just like a shop - if the right person is looking at the time when your piece is on sale ....... I know someone who had a Coffee Table on there for about 3 months on a Buy Now or Best Offer basis with numerous people looking and watching - then a minor celebrity just bought it straight out for full price £400+

Craft fairs can work for the right pieces in the right area. Finding the right market in other words. Perseverance is what counts and analysing the returns of each method against the costs involved.

 

[Anonymous]

Do it on commission only basis, otherwise you are likely to end up with a lot of unsold furniture.

How good is your furniture, can you sell it at a profit and what makes you different from the next person, these are the questions you should be asking yourself, especially the first question.

Don't even think of making things in multiples, unless you have buyers for them. A lot of people make this mistake and end up being unable to sell the excess.

Don't touch pine furniture, theres no market for it.

 

[Matt1245]

Thanks for all the replies guys, you have given me a lot to think about.

I'm not sure how effective Ebay is for selling furniture. I just did a search in the home and garden section for 'hand made' and only found a few items that had attracted more than 1 bid.

I have looked at the furniture etc on e-bay before and gave it up as a no hoper, doesn't seem to be the best place to sell. I suspect people like to see it and play with it before buying.

You open up a big can of worms by setting up your own trade, so is up to you what you do there, but it will change your tax status, you will need to keep records of income and expenses and you may even end up paying business rates.

Be careful about starting a small business even if it's just making a few items for sale. Since Jan 2002 Gordon Brown made it illegal not to register with the inland revenue BEFORE you start a business in the UK. The fine is automatic, just like failing to complete a tax return on time.

Thats what i was worried about, seems like a lot of trouble to go to sell a few items.

Do it on commission only basis, otherwise you are likely to end up with a lot of unsold furniture.

I'm not intending doing this for a living, i'll still be working full time in my day job. Just seeing it as a way to make more things without over flowing our small house, and maybe make a bit of pocket money.

I enjoyed making my coffee table, and am currently making a jewelry cabinet for swmbo, and i know i'd like to make more in the future, but am worried the more i make the more jewelry she will buy to fill them :lol: So i need some way to get rid of them before she has chance.

Someone suggested giving them to friends and family, but i'm too tight to do that. :lol:

Matt.

 

[devonwoody]

Hi Colin

You can earn up to £800 before you have to pay tax.

Can you please explain how this works?

Thanks
Neil

You dont tell the tax man

 

[MrJay]

You open up a big can of worms by setting up your own trade, so is up to you what you do there, but it will change your tax status, you will need to keep records of income and expenses and you may even end up paying business rates.

Be careful about starting a small business even if it's just making a few items for sale. Since Jan 2002 Gordon Brown made it illegal not to register with the inland revenue BEFORE you start a business in the UK. The fine is automatic, just like failing to complete a tax return on time.

Thats what i was worried about, seems like a lot of trouble to go to sell a few items.

You get 3 months to register as self employed from start of business.

The wood thing is just a hobby for me, but I do run my own small business and it really isn't so bad. The Paper work, especially if you're not employing people, is a cinch and really doesn't take up much time. I keep 3 piles of paper/receipts: one in the car, one at home and one that's an amalgamation of the two, filed, sorted and recorded once a month. Internet banking looks after bank records. Invoicing is done on the computer and a digital copy is retained (I back up onto paid for web hosting as a precaution against disaster). I get an income tax bill once in a while and do a tax return once a year. Don't let it put you off. If I ever get a proper job I'll still run a little side business just for fun.

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