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eBay Private Seller - Self Assessment Tax Return??
Comments
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badmemory said:ElwoodBlues said:
I fully appreciate that it's right for HMRC to want to identify traders who aren't declaring it, but is should be pretty easy for HRMC to evidence and prove those. There are plenty of bigger fish to fry though - medium to large companies pulling all sorts of fiddles, yet HMRC seems obsessed with going after the really small fry stuff recently. Low hanging fruit, but must be very labour intensive for relatively small recoveries.
Perhaps some are declaring to HMRC and are ‘just’ cheating eBay, and therefore by default their buyers (many state no returns) they seem to have been trading happily on eBay for years. One must hope that these are the targets, and not people genuinely selling off unwanted clothes or collections of things.
The newspapers aren’t helping either and this is being whipped up into a frenzy with misleading and frankly appalling headlines. I’ve already mentioned The Guardian earlier, now the Daily Mail has started by warning everyone that selling your old clothes could see you paying tax….i despair at the whole situation.I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.5 -
DullGreyGuy 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?
Tax is only due on stuff you buy and sell to make money on purpose.It is the 'gain' that matters. The sales brought in £10k, but there will be fees and postage costs to take off that and the initial cost of the items. The latter will be difficult to determine, but even a smallish estimation would get the gain down below the £6k allowance.In addition depending on the dates you were selling the capital gain could well be spread across two tax years.
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Hi everyone. We've published an article on this topic – as commenters have already pointed out, there are no new tax laws but online platforms will now have to report earnings to HMRC. You can read the article here: Sell on eBay, Etsy or Vinted or rent your home on Airbnb? Firms will now report your earnings to HMRC – so check if you need to pay tax.
Thanks all.3 -
There's a fairly sensible rowing-back from the MSM clickbait scare stories in the Daily Mail today -
Will HMRC really come after me for selling old clothes? Why it's unlikely you'll be taxed | This is Money
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This is from MSE News -
Your information WON'T be automatically shared if you only sell a small amount of goods
If all you're doing is selling goods online, firms will ONLY pass on data to HMRC automatically if you're selling 30 or more items a year AND have total earnings over the equivalent of €2,000 (currently around £1,700) – so if you're doing a lot less than that, it isn't an issue. However, it's worth noting you may still have to pay tax if you earn £1,000 or more from selling.
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steviebabes said:This is from MSE News -
Your information WON'T be automatically shared if you only sell a small amount of goods
If all you're doing is selling goods online, firms will ONLY pass on data to HMRC automatically if you're selling 30 or more items a year AND have total earnings over the equivalent of €2,000 (currently around £1,700) – so if you're doing a lot less than that, it isn't an issue. However, it's worth noting you may still have to pay tax if you earn £1,000 or more from selling.
Which is wrong:
1. It's £1,000 in a single tax year
2. From TRADING
3. It's £1,000 gross income, not profit (profit being what most people think by 'earning')1 -
One question that I haven't seen answered is this: if you do some 'trading' (buying for resale) but also sell some unwanted personal possessions on the same platform (eBay), would you be liable for tax on the traded goods but not on the personal items you sell?
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Also what year does it cover exactly? The new rules came into effect on Jan 1st this year, but they won't have to report until the end of Jan 2025. So they would be reporting the 2024 calendar year and on, right? So it won't be back-dated is my understanding?1
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Bertie129 said:One question that I haven't seen answered is this: if you do some 'trading' (buying for resale) but also sell some unwanted personal possessions on the same platform (eBay), would you be liable for tax on the traded goods but not on the personal items you sell?3
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badmemory said:ElwoodBlues said:
I fully appreciate that it's right for HMRC to want to identify traders who aren't declaring it, but is should be pretty easy for HRMC to evidence and prove those. There are plenty of bigger fish to fry though - medium to large companies pulling all sorts of fiddles, yet HMRC seems obsessed with going after the really small fry stuff recently. Low hanging fruit, but must be very labour intensive for relatively small recoveries.
Like IR35 prior to the shift to the client... a big scary thing that changed some people's behaviour but was vastly more bark than bite0
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