HMRC DONT BELIEVE WHAT THE MEDIA AND SOME PEOPLE ARE SAYING

[jackstackcornwall]

some media outlets and miss informed people are spreading the word that the Tax man is after you ,no they are not, scare mongering is doing the job it self ,its nothing to worry about , the tax people only know what you tell them and as long as you are an honest seller and do your tax return from the details on your ebay then you have nothing to worry about  the fear is far worse than the truth 

[technthread]

It is rife on Vinted. 

I think many sellers justify it to themselves by saying well I submit SA Tax Returns, I don't have disputes with buyers and would accept any return if asked. It's a touchy subject, it is illegal but some people have no choice but to grind it out and hustle if it means feeding their kids vs not. 

*edit just to be clear I don't trade on there. I can't wait for Vinted Pro, they need to hurry up. 

[*vyolla*]

I've seen a good few sellers who are clearly traders, they're the ones who pay for wardrobe spotlight or the ones listings lots of fake branded jewellery, but you're right, nothing on the eBay scale!

[litp*records]

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@technthread wrote:

It is rife on Vinted. 

I think many sellers justify it to themselves by saying well I submit SA Tax Returns, I don't have disputes with buyers and would accept any return if asked. It's a touchy subject, it is illegal but some people have no choice but to grind it out and hustle if it means feeding their kids vs not. 

*edit just to be clear I don't trade on there. I can't wait for Vinted Pro, they need to hurry up. 

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Yeah... I wonder if Vinted Pro will mean a 2 tiered fee structure like on here, will they police it, and will the problem just move from here to there? Will be interesting to see.  They don't even have a forum anymore as they shut it down.  Faster way to sell stuff though!

[technthread]

Maybe they will charge a shop fee like eBay. 

I also wonder if the postage rates will change for business sellers too as they are incredibly low for Evri, InPost and Yodel. Plus they all turn a blind eye to overweight parcels, I have bought a lot where the seller used small parcel for a 5kg item and it never gets pulled.

[jow1995]

Thanks for sharing, eBAY will probably reluctantly go down the same road knowing they are going to loose many sellers. 

[sheridan87]

Exactly. I work for a living and pay tax. Everything I sell has been accumulated over many years after I have paid tax. Over recent years I have been downsizing by selling off my stuff on eBay and by and large have enjoyed doing so. Now though the enjoyment and time spent doing so is disappearing due to increased eBay fees and now this threat of being taxed for selling stuff I already accumulated after paying tax. There's little point in selling football programmes for £1 if it's going to accrue pennies. Seriously thinking of sacking it off. I'd rather give it to charity.

[*vyolla*]

You may as well just wait and see what happens as you've gone way over 30 sold items since 1st January so it will be interesting to see how HMRC view somebody selling off their collection. 

[norrin-rad]

40% earnings on tax, 20% capital gains + eBay fees, what does that actually leave you with? 

the question for most will be is it I even worth doing? 

[*vyolla*]

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@norrin-rad wrote:

40% earnings on tax, 20% capital gains + eBay fees, what does that actually leave you with? 

the question for most will be is it I even worth doing? 

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That would be for a seller to decide, I guess.  To some the extra income that eBay selling brings is most welcome, plus to be in the 40% tax bracket someone would need to be earning over  £50,271. This may be from another full time job, eBay or a combination of both. They would be taxed 40% on earnings over the £50,271, not the full amount. 

It would be unusual for an item sold on eBay to be subject to Capital Gains tax:

https://www.gov.uk/capital-gains-tax/rates