I saw this - nice to know the government is going after people literally doing something to survive and not the tax dodging millionaires!
In previous years, I have paid for the kids Christmas presents with the £1000 I saved up during the year selling my old stuff - why should I pay tax on something i have already paid tax on???
I doubt anyone on hotukdeals will ever boast about 'buying 20 for eBay' ever again 😃
Council tax needs a reform.
You have people living in £20M+ apartments in London paying the same council tax as someone living in a £320k 4 bed semi in the Midlands.
You might be able to hide your wealth from HMRC but not by the home you live in
Why should a single person be paying the same as a family in a 4 bed semi?
Wait until we're cashless, There will be zero tax evasion.
They're going to monitor peoples bank accounts too, Especially those on benefits etc.. They'll know our buying habits and eventually impose a transaction tax on us for various different things that they consider unhealthy for us or that might be bad for the climate etc. You want to book an holiday? Well tough. You've used all your carbon credits this year!
It'd be a lot simpler to just have more varied tax bands like scandinavian countries do and have for years, fear of cashless won't solve a problem that existed with cash. Plus if you use any form of loyalty card at a supermarket, or regularly shop using the same bank card, they already have all that data on you.
Nothing has changed, it's just some of the companies are reporting back income/sales to catch the people who are committing fraud.
We should all be against fraud.
Whilst I am definitely against fraud I'm more interesting when it's in the billions than a few hundred quid.
If everyone paid their fair share of tax, we'd all pay less tax.
This link gives you the information on Capital Gains Tax (when you sell something, excluding your car or main home over £6000) and Income Tax. The rules on Income Tax are not changing, this is just a new requirement for online sites to report the income sellers are getting. gov.uk/che…tax (edited)
Ebay et al will ping your info over if you sell > 1K / 30 items. HMRC will then ping out an automated letter advising of rules.
The standard rules will still apply though. Selling 10k of personal used items won't be a problem if you aren't making money on them.
There's plenty of scalpers out there that buy up qll of an offer on here & eBay them just under rrp
i van see ehy hmrc want to get in on that
Scalping is very difficult now. Back in the day you could order 1000's of games from Zavvi, Pallets of Lego from Tesco Direct and as much as you wanted from Amazon.
I haven't seen a deal worth scalping on here since Black Friday 2022
Imagine people believing that they're going to investigate all these people, rather than just those with tens of thousands of pounds of sales (and most of them will probably just get a letter advising them to check their tax).
They don't need to investigate. They'll just mail out letters to everyone on the list saying they know about their sales and need to submit a self assessment, it'd be a pretty much automated process and most people will be so terrified when they get that letter they'll declare the earnings just so they don't get investigated.
During the early days of lock down when the world was shutting down, I bought a new microwave because our existing one was showing signs of being on it's last legs and didn't want to get caught short, so to speak
Anyway, our existing microwave is still going strong so the new one is still boxed and in storage so thinking of selling it.
Even though I didn't purchase it to make a profit, I guess it would be classed the same as if I did as the law is un-able to make this distinction - correct?
Well, the database will say "sold - new".. Of course, if it ever came to HMRC chasing then you can build your case...
New rules with HMRC.So selling on eBay if we make more than a thousand pounds we are supposed to inform HMRC We also have to register as a sole trader I cannot believe that people selling a few items will all be registering as sole Traders and filling out tax forms I perfectly aware that if we buy anything and resell it to make a profit this is what we are supposed to do there must be a way around this surely
That is incorrect. You do not have to register as a sole trader to sell personal items on ebay.
I just wonder how many people will bother to register as a sole trader iam sure they will find other ways to sell things without HMRC, knowing.
73 Comments
sorted byIn previous years, I have paid for the kids Christmas presents with the £1000 I saved up during the year selling my old stuff - why should I pay tax on something i have already paid tax on???
You have people living in £20M+ apartments in London paying the same council tax as someone living in a £320k 4 bed semi in the Midlands.
You might be able to hide your wealth from HMRC but not by the home you live in
They're going to monitor peoples bank accounts too, Especially those on benefits etc.. They'll know our buying habits and eventually impose a transaction tax on us for various different things that they consider unhealthy for us or that might be bad for the climate etc. You want to book an holiday? Well tough. You've used all your carbon credits this year!
We should all be against fraud.
gov.uk/cap…-on
If everyone paid their fair share of tax, we'd all pay less tax.
The rules on Income Tax are not changing, this is just a new requirement for online sites to report the income sellers are getting.
gov.uk/che…tax
(edited)
HMRC will then ping out an automated letter advising of rules.
The standard rules will still apply though. Selling 10k of personal used items won't be a problem if you aren't making money on them.
i van see ehy hmrc want to get in on that
I haven't seen a deal worth scalping on here since Black Friday 2022
Anyway, our existing microwave is still going strong so the new one is still boxed and in storage so thinking of selling it.
Even though I didn't purchase it to make a profit, I guess it would be classed the same as if I did as the law is un-able to make this distinction - correct?
Of course, if it ever came to HMRC chasing then you can build your case...
We also have to register as a sole trader
I cannot believe that people selling a few items will all be registering as sole Traders and filling out tax forms
I perfectly aware that if we buy anything and resell it to make a profit this is what we are supposed to do there must be a way around this surely