Buying and selling online

train.up.

Hi, I buy secondhand stock online privately and resell it.

The way it's going so far this year will probably sell 10-15k worth,,profit around 3-5k.

This is a small side hustle for me and will never be a full-time income. I have Paye fulltime job earning 45k approx.

Is there tax liable on the second hand goods? What rate?

Is there thresholds/limits for the amount of the secondhand goods you can sell before taxation is applied?

Thanks in advance.

Geuze

Normal income tax applies to any profits made as a sole trader.

When you fill in your normal Form 12 tax return, you can add in these profits.

Geuze

I am a PAYE worker with other income. Do I need to register for Self Assessment Income Tax?

a) If the non-PAYE income exceeds €5,000 you must register for the Self Assessment Income Tax system and submit an Income Tax Form 11.

b) If the income doesn’t exceed the threshold you can submit an Income Tax Form 12 which is the form normally used by PAYE earners.

Which tax form do I complete – a Self Assessment Income Tax Form 11 or an Income Tax Form 12?

a) The Income Tax Form 12 is for PAYE individuals with additional income under €5,000.

b) The Self Assessment Income Tax Form 11 is for individuals registered for the Self Assessment tax system.

Geuze

Self-assessment for PAYE taxpayers

Self-assessment means that you are responsible for making your own assessment of the tax you owe.

When do I have to self-assess my tax if I am a PAYE taxpayer?

If you only have PAYE income, you do not need to self-assess your tax.

If you have PAYE income but you also have income from non-PAYE sources, you must make a tax return under self-assessment if the non-PAYE income amounts to:

• Taxable net income (after losses, capital allowances and other reliefs) of €5,000 or more in a year.
• or
• Total gross income of €30,000 or more in a year. This applies even if you do not owe any tax on this income because it is reduced by losses, capital allowances or other tax reliefs.

If you have to self-assess your tax, this is known as being a chargeable person.

Can I earn non-PAYE income without having to use self-assessment?

If you are a PAYE taxpayer and you also have non-PAYE income, you do not have to use self-assessment if that income is:

• Net taxable income of under €5,000 (after losses, capital allowances and other reliefs) and
• Coded in against PAYE tax credits (see below) or fully taxed at source and
• Gross income of less than €30,000

Although you are not a chargeable person for self-assessment, you still have to inform Revenue of this income. See below for How to make a tax return if you do not have to use self-assessment.

train.up.

Thanks,very good info.👍