No royal wedding would be complete without the commemorative souvenirs, but unlike previous weddings, Charles and Camilla memorabilia is now changing hands on the likes of eBay.

However, if selling an unwanted tea towel progresses into online trading, the taxman might take an interest, warns the High Wycombe accountants Saffery Champness.

Leah Sowden, partner, commented: "With the recent royal wedding, many collectors are turning to the Internet as a convenient souvenir source.

"With its anonymity, eBay may seem like an ideal opportunity for budding entrepreneurs to make a fast buck and dodge the taxman.

"However, if you trade royal wedding souvenirs on eBay, then tax may be due on your profits and a record of all transactions, virtual or otherwise, has to be maintained, or you risk landing in hot water with the Inland Revenue.

"Those trading on eBay for business purposes should make sure that they are fully aware of the potential tax implications."

Leah makes the following points:

o eBay is used mainly by individuals to dispose of unwanted items (such as poorly chosen gifts) to generate some extra cash.

In the eyes of the Inland Revenue, personal items can be sold without penalty, up to a limit of £6,000 where Capital Gains considerations might kick in.

o Where the Inland Revenue will take an interest is in those who use eBay for their business in order to "trade" on a regular basis.

Clearly, those regularly selling wedding souvenirs for profit fall into this category.

o The Inland Revenue will regard any exercise as "trading" if there is intent in purchasing or manufacturing items to sell them on at a profit.

Such activity, therefore, requires to be declared on an annual tax return with tax due to be paid on any profits made.

With more than 105 million registered users of eBay.com and eBay.co.uk, and 25 million items up for sale at any one time, it would be foolish to think that the Inland Revenue has not cottoned on to a lot of undeclared trading.