topic Re: EBay it’s the end for private sellers. in Seller Central

topic Re: EBay it’s the end for private sellers. in Seller Central https://community.ebay.co.uk/t5/Seller-Central/EBay-it-s-the-end-for-private-sellers/m-p/7787508#M708350 Quote from eBay <H2>Do I have to share information with HMRC?</H2><DIV class=""><DIV class="">From January 2024, new UK digital sales reporting rules require digital platforms like eBay to share information with them. However, this reporting doesn’t change your tax obligations.On eBay, this should only affect newly registered accounts in 2024, which will extend to all accounts in 2025.eBay will only report if you pass certain yearly sales thresholds:<UL><LI>If your total sales on eBay exceed €2000, or roughly £1740, after fees.</LI><LI>If you complete 30 or more sales transactions on eBay.</LI></UL>In general, selling personal items is not taxed if they’re below £6,000 and you’re not selling as part of a business.Unquote </DIV></DIV>The above quote ( from eBay on their site if you search " there is no side hustle tax") is to clarify ebays " policy" which is adhering to the HMRC online selling reporting ( £1750 and/or 30 items per annum) ... and not to be confused with the HMRC  £1000 TRADING ALLOWANCE  for trading /business.  Self employed and self assessment are two different things, the criteria for such is specifically set out on the Gov website.  Private sellers selling their own unwanted personal items are not legally bound to register as self employed as they are not running a business or considered trading, there is no limit of £1000,  that is the  HMRC trading allowance for those who are TRADING. Even eBay in their quote online on their site state...In general, selling personal items is not taxed if they’re below £6,000 and you’re not selling as part of a business.This is because any item classed as an asset ie. a collection or part thereof ( sold to the same buyer) that may have increased in value over the years and reaches  £6000 or more could be subjected to Capital Gains Tax ( not forgetting the allowance on this also, currently £3000)  Further information/advice can be found on the Gov site  on whether or not there is a need to complete a self assessment. Anyone on P.A.Y.E. who is concerned that additional income may take them over their tax threshold can contact HMRC for clarification, like wise those who are self employed. ( Personal Tax allowance is £12570 per annum)     Tue, 25 Feb 2025 18:45:34 GMT vintique*violet 2025-02-25T18:45:34Z