Tax Requirements for Selling on Etsy
Etsy is required to charge taxes based on your tax status and taxing requirements on goods. Users making over £1,000 a year need to declare their earnings. HMRC clarified that selling personal belongings at a higher price will not trigger a tax bill. Platforms like eBay, Airbnb, and Etsy must share seller information with tax authorities, while Facebook Marketplace and Gumtree are not affected as they do not process payments.
Payment and Support Information for Etsy Sellers
Etsy sends a 1099-K reporting gross sales income. Customer service is available from 7am-9pm, Monday to Sunday. Payment options include PayPal, gift cards, and Apple Pay. There is no need for a card to open a store, as PayPal can be used. Selling on Etsy is beneficial due to its low costs and rewards for volume sellers. Start by learning how to sell on Etsy and be aware of potential issues.
Payment Methods and Strategies on Folksy
Payments on Folksy go directly to PayPal. It is advisable to consider a Folksy Plus account only if listing hundreds of items per year.