Ebay account limited, what now?

soolin

BG Note

Posts advocating defrauding HMRC will be removed

olias

If you are a collector and enthusiast who follows a hobby such as horology (an interest in watches) are you telling me that every time you sell an item and are lucky enough to get more than you bought it for, then the taxman should be informed???????????

What about all those members of the public who buy and sell their old LP's in record shops, or those with an interest in comics who buy, sell and collect them for fun and as a hobby? Should they inform the taxman evertime they sell something to another collector for a few bob more than they paid?

Olias

pinkgem

olias wrote: »

If you are a collector and enthusiast who follows a hobby such as horology (an interest in watches) are you telling me that every time you sell an item and are lucky enough to get more than you bought it for, then the taxman should be informed???????????

Olias

"There are only the odd one which I pick up cheep and try and sell at profit"

olias

pinkgem wrote: »

"There are only the odd one which I pick up cheep and try and sell at profit"

My point exactly...do you have a hobby or interest - say for example it's handbags and your knowledge means that you know that billy blogs handbags are worth £50 and you see one for a tenner in a car boot sale - are you seriously saying that if you bought it and sold it to a fellow handbag enthusiast for £50. They were happy with it, you were happy with the little bit of profit and the car booter was happy as they got rid of something they no longer wanted.Would you then think that you should register as a business and declare that £40 on your tax returns.

I think I should have a word with the TV show bargain hunt and let them know what henous, tax evading, government swindling people they are:rotfl:

Olias

pinkgem

olias wrote: »

My point exactly...do you have a hobby or interest - say for example it's handbags and your knowledge means that you know that billy blogs handbags are worth £50 and you see one for a tenner in a car boot sale - are you seriously saying that if you bought it and sold it to a fellow handbag enthusiast for £50. They were happy with it, you were happy with the little bit of profit and the car booter was happy as they got rid of something they no longer wanted.Would you then think that you should register as a business and declare that £40 on your tax returns.

I think I should have a word with the TV show bargain hunt and let them know what henous, tax evading, government swindling people they are:rotfl:

Olias

you said you wanted to be able to sell 3/4/5 a month. selling up to 60 watches a year isn't "the odd one"

like i said in a previous post, i didn't make up the rules

olias

pinkgem wrote: »

you said you wanted to be able to sell 3/4/5 a month. selling up to 60 watches a year isn't "the odd one"

like i said in a previous post, i didn't make up the rules

I think you'll find you're selectively quoting me! - I said the odd one I pick up cheap and sell at a profit.

the 3 or 4 a month are mostly not being sold at a profit but merely swapping and changing of parts of a collection with other horological enthusiasts. This is what collectors do, it's called a hobby.

It would be a business if I were buying them wholesale and putting a markup on them to sell them at a retail price for profit. Or if I were buying some of the joblots that are advertised on ebay and splitting them up to sell them individually at a profit! But swapping, adding to, or selling from a collection as a hobby? Come on!:p

Olias

Olias

frivolous_fay

Your definition of selling as a business differs somewhat from the official line!

olias

I have just checked on hmrc website and it states (I'm paraphrasing here for clarity), that:

'any sales (including on internet auction sites) that lack commerciality and are occasional, and a by product of your hobby are exempt'

It also states, that selling items you have owned and used for some time is also exempt as they are classed as 'chattels'

Further more it states if you are selling these personal items that you have owned for your own use and enjoyment to effectively 'trade up' to a better item for your own use and enjoyment, then again you are exempt as these are also classed as 'chattels'

And that is the 'official line':D

Olias

frivolous_fay

Ok, you're going with the hobby angle, but personally I think you're treading a very fine line, as you're fairly clear that some of these items are bought with the intention of making a profit on em.

_sleepless_

The original Question was concerning ebay selling limits.

Since you are/or claim to be (whichever) a hobby collector then you don't really need to be too concerned with lifting your limits, a hobby collector shouldn't really need to sell more than 3 a month. So stick to selling to your limit (try not to revise the listings as this would count as a new listing) or sell other stuff to improve your feedback and dsr's and get your limits raised.

sleepless