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Worried about new tax guidelines
In january 25 i got an email of ebay telling me to submit my NI number as i’ve sold over 30 items in the callander year. I have now got total earnings of £1600 and over 80 sales. I sell golfballs my dad, and his friends don’t use anymore. I haven’t paid for the golfballs, they are basically unwanted now and i sell them. i do however get them given of friends to sell on ebay, again these have not cost me anything and are unwanted goods. Do i need to declare to HMRC or will ebay do it given the sales and money generated. Also, will i pay tax? i would rather know now before i carry on using this platform, Ive read may things online but im still unsure. any advice and help is appreciated
1 comment
papso22
Mentor11 months agoThis is a complicated one. Technically having been given to you they are yours, but you are selling them rather than using them yourself so it could be trading.
The fact that they were free is irrelevant.
I think you need to get written confirmation from HMRC.
There are no new tax rules by the way, they are new reporting regulations.