eBay Private Seller - Self Assessment Tax Return??

1303postbox

Thank you, from what I had read , if you were making a profit you could be liable for tax. I'm not doing that but how would you know anyway.

Spoonie_Turtle

DullGreyGuy said:

1303postbox said:

I am selling my late husband's large collection of railway/ diecast models. Would this be classed as personal or trade I sold about £2500 as I don't know what he paid for things I have no idea if any of it is profit. Thanks.

It comes down to the question... why did he buy them?

1) Did he buy them intending to make a profit by reselling them and they've been kept aside for doing so? Will more be bought to do the same again?

2) Did he buy them and play with them/display them and now you just want rid of them because they take up too much space?

Yes answers to 1 suggest its a business, yes answers to 2 suggest its personal artefacts you are selling 

But even if her late husband did intend to sell them, he evidently didn't do so, and surely that's irrelevant to the poster now selling them?

Spoonie_Turtle

1303postbox said:

Thank you, from what I had read , if you were making a profit you could be liable for tax. I'm not doing that but how would you know anyway.

They would know from that trader's self-assessment tax returns, with evidence kept in case they are audited.

1303postbox

Thank you for the information. He bought them to display &, enjoy. I am now selling because it was his hobby not mine &, they take up to much space.

SHEILA54

Hi
With the new rules of reporting over 30 sales on Ebay is this per listing?  I have some items that are the same which I would like to sell so can sell several together as one lot in each listing but don't want to exceed the number and have the worry
They won't come to anywhere near £1000 so that won't be a problem
Thanks

RFW

SHEILA54 said:

Hi
With the new rules of reporting over 30 sales on Ebay is this per listing?  I have some items that are the same which I would like to sell so can sell several together as one lot in each listing but don't want to exceed the number and have the worry
They won't come to anywhere near £1000 so that won't be a problem
Thanks

No. No one is checking listings. Ebay or HMRC couldn't care less how many items are in a listing.
If you're selling personal possessions you don't have to worry about anything being reported.
HMRC have stated there are no new rules. If you buy or make things to resell you need to report revenue over £1000 for tax purposes. If you are just selling things you've owned you can, by and large, do what you like.

SHEILA54

So what does the 30 items actually refer to please?  

RFW

SHEILA54 said:

So what does the 30 items actually refer to please?  

"Starting 1st Jan 2024 eBay will pass on data to HMRC automatically if you're selling 30 or more items a year OR have total earnings over the equivalent of 2000 Euros (£1,770)."

This is part of an international treaty the UK government are signed up to. It's supposed to be to aid international tax fraud. As far as the reporting goes it will be 30 lots, they won't be trawling through how many items are in each lot.

HMRC have repeatedly stated that the law for reporting tax has not changed. A private seller still does not need to declare sales of personal items. Only people who are buying or making to resell are classed as a business and have to declare that if they have revenue over £1000 per annum.

Here's a Full Fact article with a bit more detail.

scottiescott

se2020 said:

neogeo said:

Hi,
I am a private seller and have a large collection of Warhammer, Lego, games etc going back almost 20 years (some the last year or so). A change in circumstances forced me to sell a large amount last year on eBay (almost £10k), some I profited, some I lost - no records of purchase prices whatsoever...where does this leave me?

If it's a personal collection you are fine.
Tax is only due on stuff you buy and sell to make money on purpose. 

So what if you are a Collectible Lego enthusiast who buys multiples of an item for a speculative punt that they will increase in value over time, say Lego Star Wars (I seem to remember seeing something about it going up in value) ? Is that considered adding to your Collectible Lego collection or the path to becoming a trader?

Spoonie_Turtle

scottiescott said:

se2020 said:

neogeo said:

Hi,
I am a private seller and have a large collection of Warhammer, Lego, games etc going back almost 20 years (some the last year or so). A change in circumstances forced me to sell a large amount last year on eBay (almost £10k), some I profited, some I lost - no records of purchase prices whatsoever...where does this leave me?

If it's a personal collection you are fine.
Tax is only due on stuff you buy and sell to make money on purpose. 

So what if you are a Collectible Lego enthusiast who buys multiples of an item for a speculative punt that they will increase in value over time, say Lego Star Wars (I seem to remember seeing something about it going up in value) ? Is that considered adding to your Collectible Lego collection or the path to becoming a trader?

This sounds like you're buying them with the intention to resell, rather than buying them to enjoy as part of your collection.