Hmrc reporting January 2025

[equinox-electronics]

Are we all ready for the avalanche of activity that this will bring next month on the forums.

Seems Ebay's wording at the beginning of the year on there announcement that only newly registered accounts 2024 and the rest 2025 was correct. 

Can't believe they have left it this late, but then again they know the backlash. 

[moldosgifts]

The way i read it yes, cant find an exception this rule ie cars, expensive antiques etc

It is set fairly low and it is also in eros so depending on exchange rate for uk it as fairly fluid.

It is around £1740

More details here

UK digital sales reporting | eBay

This has nothing to do with your tax obligations.

It is not just ebay but any online platform.

[frazer199310]

Interesting...

So I've just done a search for cars being auctioned and it says that there are "2800+" available. To make the numbers easy, let's assume (figures plucked at random):

- that the number is actually 3000

- 75% sell for over £1,740

- today is an average day

- listings are 7 day auctions

- everyone submits their personal data to Ebay

That means that Ebay will be submitting the data for 117,321 car auctioners to HMRC each year -  (0.75*3000*365)/7

That will keep them busy!

[storme30]

I think we can all conclude that 'tagging on' to a reporting system  in euros that runs Jan to Dec is messy

You could choose to adher to the 30/£1740 per calender year but does your selling pattern still fit in with a April-April reporting in UK?

Look forward to how HMRC process this come 2027...I bet its revised to 50/£3000.

[papso22]

HMRC cannot unilaterally revise it, it would need agreement from the countries that are part of the agreement. 

I agree it's messy for our tax year, but I think we are the only ones that do it that way.