No New Side Hussle Tax

[sloanes3]

Ok I've asked before, so Ill ask again, to try and get some clarity about this.

 I was an avid collector and builder of model kits , but as I'm getting on a bit I thought I'd sell them here this year.

Now what amount does it acually have to be before your selling is reported to the tax office? I've had 2,000 euros, £1760 , or £1,000. So can anyone help with that?

Second it seems now you can only list 30 items before you are reported. I have many years worth of kits to list, and at 30, this would see me out and still have kits left.

Ebay put out a guide about this but I couldnt understand it. The examples shown didnt really help me.

So I'm begging someone, anyone, help an old codger get rid of his kits before he shuffles of this mortal coil.

[61stephenuk]

eBay will report all sales of 30 items or €2000 approx £1700

The £1000 is a trading allowance and not applicable to private sellers

Even when eBay report to HMRC,if you are selling your own goods you are unlikely to have to pay tax on your sales 

[tommystrezures · Accepted solution]

I am sure you are not an old codger!

the changes in reporting you mention were introduced by the oecd of which th uk is a member of along with 37 other countries participating in this scheme. Under these regulations if you sell more than 30 items or value of 2000 euros (apx £1760) then eBay have to now declare this to hmrc. Nothing in terms of taxation has changed just the way it has to be reported.

if you are a private seller selling your unwanted items you have nothing to worry about, you can sell as much as you want.

[sloanes3]

Sorry to be a pain, but are you saying I can sell the over 100 kits decals etc on ebay and I will not have to pay taxon them? Or is it that ebay will report me and the tax office will take no action? Aas I say old codger

[tobiasd4]

Ebay have to report sellers over the threshold, 

It is up to HMRC to decide if any tax is due.

[john1297576]

If tax man asks you questions just answer honestly.

My feeling is HMRC is going to be drowned in statistics, and at the end of the day will take sction on much larger amounts than £1760.

You only need to browse through listings to find so called private sellers who are selling many high value items for £1000s during course of year and they are much more likely to be targetted.

[sloanes3]

Would you suggest calling the tax office to get clarity or what , let sleeping dogs lie?

[papso22]

Do not phone the tax office, they will not give you a 'dispensation' based on a phone call so you will be no better off than if you just left it. 

[61stephenuk]

Leave it for now,reports will be sent in Jan 25 and eBay will notify you of anything they have reported.

HMRC info

https://www.gov.uk/government/publications/selling-online-and-paying-taxes/selling-online-and-paying...: