Who knows?
I did read that they would start sending most of the info from January 2025 but that would mean that they would be started 3/4 of the way through a tax year and therefore 75% of the info would be for 2025/2026 tax year, for which you would have to have sent your self assessment to declare the income (or not) by 31st January 2027. If, God willing, we are still here then!
Of course, self- assessment- and indeed the requirement too register as sole trader or a limited company - is not a requirement if the turnover (less certain business allowances) is under £1000.
Nor if your items are your own possessions. Though if an individual item (or a set or a pair but not a mechanical item such as a car) sell for a profit of £3000 (or £6000 if the item belongs to both you and your spouse) then you have to declare the amount for capital gains tax!
Only fair! Especially for the Ferrari sellers, if you have a spider in your garage made by Enzo and thinking of getting rid, the fabulous profit you make when you sell will be ENTIRELY free of tax! And to think poor folk are worried about having a tax bill!
Still with me?
Don't give it another thought if you are selling your own items - EXCEPT - a very good idea to keep a note of any items you sell, including when it was bought, how much was paid for it, whether or not there is a paper trail (credit card statements for instance or inheritance info) and the full costs of selling it, including fees, postage, envelopes, sellotape and the amount of petrol used to get to the post office and back!! HMRC love paperwork, and be sure to keep 20 years worth at any time, preferably on paper that doesn't fade!
It is 30 items or £1700 before your info is logged with HMRC - by each individual online platform that you sell on- it is NOT that you are limited to selling only 30 items or £1700 - you can still sell your car for market price or even more and you can still sell your 3000 plus marvel comic collection or even your mum's entire collection of 487 Beswick Horses.
Conclusion - if you are a business get your gateway account and everything else sorted by October 2025 - bear in mind that one of the hardest things in this life is to run a successful (for successful read with a net profit) business and, if you are a business, get very familiar with all the business allowances!
If you are not a business, keep a few records just in case an over zealous guy or gal from HMRC come calling. I once got a gal from HMRC collections department at the door for a 12 year tax debt - which they had already sorted out twice by then - a warm welcome and an offer of a cup of tea goes a long way - they rarely get offered a cup of tea, apparently (lovely lady sorted it and gave us two tax rebates!)
Personally - what with the monies its costing us all to become green reduce our carbon footprint, and save the world until Superman appears to do it for us, anything second hand bought and sold - by both businesses and private sellers - should be tax free, VAT free, post free and otherwise none of the government's business except to pat us on the shoulder, give us a supply of envelopes and free wifi, and a medal because we are the only thing stopping Temu - and China - taking over the planet!
Rant over!
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