Were only 13, are we allowed to sell our own items without telling the government and do we have to pay VAT?
Question by Ermes: Were only 13, are we allowed to sell our own items without telling the government and do we have to pay VAT?
Hey I have a site with a couple of friends. We have a movie making company and a music band. Recently we started making DV D’s and Music discs. We thought that we could sell these discs on our site, so we started a web store and already put an item on for purchase. My question in this:
Were only 13, are we allowed to sell our own items without telling the government and do we have to pay VAT?
Best answer:
Answer by chelsea_waffle(:
VAT is on everything real companies sell (15.0% so you add 15% of initial value onto item your selling)
You are 13, therefore you don’t have to pay taxes, so I’m guessing no, you don’t have to tell Gordon Brown and his cronies.
I wish I’d thought of that when I was 13, I would be rich two years later Good luck with your business!
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