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HMRC & Ebay Tax Returns
Back in April I was contacted by HMRC who had obviously received my details from EBAY.
I was asked to complete a tax return for the previous four tax years. I duly did this and submitted my paperwork on 23 May. Since then I have heard nothing.
I am wondering if anyone else has been through the same process but have actually had a response from HMRC and been presented with a bill. If so were you penalised for late submission of your tax returns. I am obviously concerned that they might slap on heavy penalties for late returns. I should add that my Ebay sales did exceed the £1000 threshold, but I am a private seller.
4 comments
leach1527
OP11 months agoBeing a private seller is neither hear no there as far as HMRC is concerned. If you sold anything to make a profit and you exceed HMRC's allowance you are liable to pay tax on it.
john1297576
Mentor11 months agoThe magic word is “profit”. Private sellers are not expected to be selling for profit.
papso22
Mentor11 months agoIf you are liable for income tax on sales made on ebay, then those sales should be on an ebay business account and you are not a 'private seller'.
papso22
Mentor11 months agoSurely as a private seller you had no tax liability to declare on your return so why are you expecting a bill?
Also as a private seller you have no obligation to complete a tax return and so there should be no penalties.
Didn't HMRC just ask you some questions first?