Profusion of linn turntable parts

[CJ1045]

Oldwelshman,

There is no evidence that such people don't pay tax on their profits. Also. to be registered for VAT then turnover has to exceed £73,000 which is quite a lot of LP12 parts. A friend of mine who runs an accountancy practice has told me that the Inland Revenue does monitor ebay.

Regards
CJ

[oldwelshman]

(2011-06-28 07:04)CJ1045 Wrote:  Oldwelshman,

There is no evidence that such people don't pay tax on their profits. Also. to be registered for VAT then turnover has to exceed £73,000 which is quite a lot of LP12 parts. A friend of mine who runs an accountancy practice has told me that the Inland Revenue does monitor ebay.

Regards
CJ

Speaking as one who knows, HMRC haven't got time to chase these "small" traders. They haven't got the staff to deal with anything that's not potentially large. On the basis of the "relatively" small income traders, even if a self-employed income return is sent in, they are very unlikely to be picked up for undeclared earnings, except by random chance. Don't ask me how I know!!
However it is the shabby practice that I'm concerned with here. These people are nothing more than rip-off merchants (not all, but quite a few) Take a look at Lenco L75 turntables bought for £50 in this country and sent to europe ( where for some reason they are highly prized and hard to find ) one person is charging a starting price of £125, with minor modification and selling them. He buys them on a continuous regular basis, whenever he can pick them up cheap enough. The arms are not included. He sells those for an extra £30 a time.
It is the genuine buyer who is losing out here, being fooled by these "spivs"
As I said before, be very wary from who you buy. All is not always what it seems.