topic Re: Tax level in The Round Table

Tax level

mo_344447 — Wed, 13 Nov 2024 22:44:52 GMT

Hi I got told from eBay that my earnings had reached £1000 and they had informed the tax man.

I sell my brother's and my toys from when I was a kid,I'm now 49.

What do I do,do I contact taxman?

I've also read you can earn upto £6000 before paying tax is this true?

Cheers Ian

Re: Tax level

dch2112011 — Wed, 13 Nov 2024 23:10:20 GMT

No need to contact the taxman - you are selling personal possesions which are non taxable. The taxman will be in touch if they want further information

Everybody who meets the threshold has to be reported by law - HMRC are after trading earnings from sellers online

Re: Tax level

sml192 — Wed, 13 Nov 2024 23:35:48 GMT

What you have been told by eBay there is not correct.

Ebay are required to report your sales to HMRC if you sell 30 or more items or earn more than 2,000 euros (approximately £1,700) a year (Jan to Dec). However, provided you are only selling unwanted personal possessions and not buying/making items to sell then you will not need to pay any tax or inform HMRC.

The £1,000 quoted is the trading allowance for business sellers and does not apply to private sellers.

£6,000 is the threshold for Capital Gains Tax, so doesn't apply unless you sell an individual item/collection for £6,000 or more.

https://www.ebay.co.uk/help/account/regulatory/sales-reporting/uk-digital-sales-reporting?id=5454