eBay seller rules and CGT

Smokeonthewater

Can someone explain the 30 transactions rule .. is this in 'TOTAL' , or if it was 30 on eBay is ok, , and 30 on Vinted is okay ( This is 60 ) ??? ... basically does it mean 30 TOTAL ( Not 30 allowed on site A, 30 on site B , 30 on site C  etc etc )

Spoonie_Turtle

Smokeonthewater said:

Can someone explain the 30 transactions rule .. is this in 'TOTAL' , or if it was 30 on eBay is ok, , and 30 on Vinted is okay ( This is 60 ) ??? ... basically does it mean 30 TOTAL ( Not 30 allowed on site A, 30 on site B , 30 on site C  etc etc )

It's 30 on each platform, BUT that's just a threshold at which they will apparently pass on details.  If you're not trading, or you are trading but have under £1,000 gross receipts from trading in the tax year, then you don't have to do anything.

If you are trading and receive over £1,000 from it in a single tax year then you will need to register with HMRC - which is not new, it's been the case for several years already.

monaymadlol

And does this impact any tax allowances you have eg cgt 

soolin

monaymadlol said:

And does this impact any tax allowances you have eg cgt 

It cannot be stressed enough that nothing has changed. If you had a liability to income tax or CGT then it remains the same - all that is different is that now online sales are reported in Bulk to HMRC each year, regardless of whether seller is registered on that platform as a private or business seller. Even Vinted where at the moment only private sellers are allowed- will send automatic reports to HMRC.

The only people that need to have any concerns (and  even then I suspect only a tiny percentage will be caught)0 are those running unregistered businesses  and not   registered as such with HMRC  or selling off very high value items and not declaring for CGT. The rest of the people, properly registered  need to have no worries at all.

As has been said in every thread so far  - there will  be millions off reports - which no doubt will never even be looked at by a bot let alone a human. 

ballisticbrian

km1500 said "does not exceed 30 transactions per calendar year" and

monaymadlol said "never exceed 30 transactions in a month"

which is it?

soolin

ballisticbrian said:

km1500 said "does not exceed 30 transactions per calendar year" and

monaymadlol said "never exceed 30 transactions in a month"

which is it?

https://community.ebay.co.uk/t5/Announcements/Information-regarding-UK-digital-sales-reporting-to-HMRC/ba-p/7548575

A year

jon81uk

Smokeonthewater said:

Can someone explain the 30 transactions rule .. is this in 'TOTAL' , or if it was 30 on eBay is ok, , and 30 on Vinted is okay ( This is 60 ) ??? ... basically does it mean 30 TOTAL ( Not 30 allowed on site A, 30 on site B , 30 on site C  etc etc )

Thats just the threashold at which the site should send a report to HMRC.

If you are buying items with the intent to sell them you are a business and should report for tax.

If you are selling your own personal possessions there is nothing to be concerned about.

Smokeonthewater

Spoonie_Turtle said:

Smokeonthewater said:

Can someone explain the 30 transactions rule .. is this in 'TOTAL' , or if it was 30 on eBay is ok, , and 30 on Vinted is okay ( This is 60 ) ??? ... basically does it mean 30 TOTAL ( Not 30 allowed on site A, 30 on site B , 30 on site C  etc etc )

It's 30 on each platform, BUT that's just a threshold at which they will apparently pass on details.  If you're not trading, or you are trading but have under £1,000 gross receipts from trading in the tax year, then you don't have to do anything.

If you are trading and receive over £1,000 from it in a single tax year then you will need to register with HMRC - which is not new, it's been the case for several years already.

Thanks for Reply ..
I take it the '30' Transactions applies to ' Money In' from sales .. ( if i bought 29 items , this wouldnt trigger anything ? )
..I also read, the figure was £1,700 before they notify anybody ... as opposed to the £1,000 Tax Trading ??? Can anyone clarify ? Thanks

TripleH

Some people keep receipts because they're weird (like me).

I have had a lot of building work done and am left with a lot of left over items that I refuse to bin because its wasteful but will sell on ebay even if for pennies.

I am confident that I can present a good arguement that I am not running a business if asked.

In my view, the wording is to panic you into registering as self employed unnecessarily to be prudent because as has been said, the rules haven't actually changed.

Spoonie_Turtle

Smokeonthewater said:

Spoonie_Turtle said:

Smokeonthewater said:

Can someone explain the 30 transactions rule .. is this in 'TOTAL' , or if it was 30 on eBay is ok, , and 30 on Vinted is okay ( This is 60 ) ??? ... basically does it mean 30 TOTAL ( Not 30 allowed on site A, 30 on site B , 30 on site C  etc etc )

It's 30 on each platform, BUT that's just a threshold at which they will apparently pass on details.  If you're not trading, or you are trading but have under £1,000 gross receipts from trading in the tax year, then you don't have to do anything.

If you are trading and receive over £1,000 from it in a single tax year then you will need to register with HMRC - which is not new, it's been the case for several years already.

Thanks for Reply ..
I take it the '30' Transactions applies to ' Money In' from sales .. ( if i bought 29 items , this wouldnt trigger anything ? )
..I also read, the figure was £1,700 before they notify anybody ... as opposed to the £1,000 Tax Trading ??? Can anyone clarify ? Thanks

It's selling items, because it only applies to potential trading income.

I don't know why the £1,700 figure, one of the other members here has mentioned it's in line with the EU and not actually related to HMRC.  I truly don't know.