Is this a business
Discussion
Morning Chaps,
Iv been mulling this over for a while now and I have not reached a conclusion in my own mind yet so i thought i would open it up to you lot,
I have been buying and selling various things for quite some time now, literally anything I can find that i believe i can turn a nice profit on, eg: cars, goggles, speakers, household electronics etc,
I am not a specialist in any particular area but what i do very well is recognise a good buying price and make a number of quite cheaky offers, some people accept some say no.
I use ebay to sell most things, or at least make the contacts.
My question is this:: Is this a business? I have made a few thousand profit in the last couple of months, and i feel that if i had myself and a few people scouring the internet and various publications for things for sale that it could be worth looking further into,
But is this a business and if it is what kind of business is it?
Iv been mulling this over for a while now and I have not reached a conclusion in my own mind yet so i thought i would open it up to you lot,
I have been buying and selling various things for quite some time now, literally anything I can find that i believe i can turn a nice profit on, eg: cars, goggles, speakers, household electronics etc,
I am not a specialist in any particular area but what i do very well is recognise a good buying price and make a number of quite cheaky offers, some people accept some say no.
I use ebay to sell most things, or at least make the contacts.
My question is this:: Is this a business? I have made a few thousand profit in the last couple of months, and i feel that if i had myself and a few people scouring the internet and various publications for things for sale that it could be worth looking further into,
But is this a business and if it is what kind of business is it?
christmc said:
Morning Chaps,
Iv been mulling this over for a while now and I have not reached a conclusion in my own mind yet so i thought i would open it up to you lot,
I have been buying and selling various things for quite some time now, literally anything I can find that i believe i can turn a nice profit on, eg: cars, goggles, speakers, household electronics etc,
I am not a specialist in any particular area but what i do very well is recognise a good buying price and make a number of quite cheaky offers, some people accept some say no.
I use ebay to sell most things, or at least make the contacts.
My question is this:: Is this a business? I have made a few thousand profit in the last couple of months, and i feel that if i had myself and a few people scouring the internet and various publications for things for sale that it could be worth looking further into,
But is this a business and if it is what kind of business is it?
Yes. www.boffer.comIv been mulling this over for a while now and I have not reached a conclusion in my own mind yet so i thought i would open it up to you lot,
I have been buying and selling various things for quite some time now, literally anything I can find that i believe i can turn a nice profit on, eg: cars, goggles, speakers, household electronics etc,
I am not a specialist in any particular area but what i do very well is recognise a good buying price and make a number of quite cheaky offers, some people accept some say no.
I use ebay to sell most things, or at least make the contacts.
My question is this:: Is this a business? I have made a few thousand profit in the last couple of months, and i feel that if i had myself and a few people scouring the internet and various publications for things for sale that it could be worth looking further into,
But is this a business and if it is what kind of business is it?
my only criterion for this type of situaton is ...can i sell this business on? if it can be sold on as a going concern ,yes then it is a business. my fear would be that it relies too heavily on you buying and selling. would a new owner be capable of doing the same thing? if the right staff are in plkace then possibly
yes i see your angle there, like any business the inherant value of it must not be in the main shaeholder other wise it is worthless,
But i do believe it is only a mindset that staff need to be trained on, You see a car or product selling for £2000 you offer £1500 for instant payment and you then sell for £2000 as it was origonally?
But i do believe it is only a mindset that staff need to be trained on, You see a car or product selling for £2000 you offer £1500 for instant payment and you then sell for £2000 as it was origonally?
christmc said:
yes i see your angle there, like any business the inherant value of it must not be in the main shaeholder other wise it is worthless,
But i do believe it is only a mindset that staff need to be trained on, You see a car or product selling for £2000 you offer £1500 for instant payment and you then sell for £2000 as it was origonally?
What makes you able to sell it at 2k, and the person you offer 1500 to, not?But i do believe it is only a mindset that staff need to be trained on, You see a car or product selling for £2000 you offer £1500 for instant payment and you then sell for £2000 as it was origonally?
okgo said:
christmc said:
yes i see your angle there, like any business the inherant value of it must not be in the main shaeholder other wise it is worthless,
But i do believe it is only a mindset that staff need to be trained on, You see a car or product selling for £2000 you offer £1500 for instant payment and you then sell for £2000 as it was origonally?
What makes you able to sell it at 2k, and the person you offer 1500 to, not?But i do believe it is only a mindset that staff need to be trained on, You see a car or product selling for £2000 you offer £1500 for instant payment and you then sell for £2000 as it was origonally?
Because you are appealing to the seller who needs to sell quickly and get cash sooner rather than later, thats how the business model works and coming out the back of a rescession there will be no shortage of people willing to sell cheap
thegavster said:
christmc said:
My question is this:: Is this a business? I have made a few thousand profit in the last couple of months, and i feel that if i had myself and a few people scouring the internet and various publications for things for sale that it could be worth looking further into,
But is this a business and if it is what kind of business is it?
If you got a couple of staff would you need offices and storage facilities? Accounting fees, various taxes etc.But is this a business and if it is what kind of business is it?
I think that as a sideline you could do well, as a bonafide business with staff, you'll struggle to make as much.
That's pretty much the business model of www.webuyanycar.com and those sites that buy gold for cash.
They offer less than market value and flip through auctions, contacts or just plain resell.
They offer less than market value and flip through auctions, contacts or just plain resell.
Buying or selling goods or providing services with a view to making a profit constitutes a trading activity in the eyes of HMRC. So, based on your description, I would suggest that you are "trading" and therefore need to notify HMRC and declare the profits you make under the self assessment tax system.
By law, you are supposed to notify HMRC within 3 months of commencement of the trade.
By law, you are supposed to notify HMRC within 3 months of commencement of the trade.
christmc said:
Dont worry guys i fully intend to set up officially and pay my dues, I am a little supprised at members concerns that i pay tax rather than discuss the actual business model but hey,
Well i think i will take the plunge on this one and delve a little deaper
Both are important and both should be part of a businessman's priorities. You don't want to start off your entrepeneurial career by falling over the first tax hurdle placed in your path.Well i think i will take the plunge on this one and delve a little deaper
If you have been trading more than three months, you might already owe the tax man a £100 Failure to Notify Penalty.
Edited by Eric Mc on Monday 14th September 13:34
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