Ebay and tax rules for private sellers

[darthfraser]

I used to enjoy selling my personal items on ebay but had to stop a gd few months ago as unsure of the yearly taxes. What i dont understand and would like to understand is, if you can only sell 30 items a year, why is it now free to list 300 items a month? Surely you would end up classed as a buisness seller and would have to pay taxes at the end of the year or am i missing something? Also im reading you can keep your funds to withdraw whenever or to purchase on ebay. Now if i was to go back to selling my personal cds/dvds etc, instead of withdrawing cash could i buy items on vinyl with my earnings and not have to worry about paying taxes ?

[*vyolla*]

The 30 items a year isn't a cap, that's the reporting threshold for eBay to report your sales to HMRC.

From 16th October eBay will keep payments until you withdraw them to your bank account, so you will be able to use those funds to purchase with. However, this has no bearing on tax - your sales will have been reported whether you choose to withdraw the funds to your bank account or spend them. HMRC will still know what payments you've received.