HMRC Situation, For older accounts?

[nwillmott]

Heya so i like to sell some stuff on enay for the last 2-3 years and ive always gone over the 30 sales mark, and might look like im trading when im not. 

With the HMRC thing being announced, and alot of missinformation being spread etc. As i am an older account does the 30 item limit come into play next year for me?

[a45heaven]

thank you.

[leadhills_scot]

Taken from an article on the BBC about the millions yet to fill in their tax returns, it mentions these requirement.

People need to complete a self-assessment form if their self-employment income is more than £1,000, and for hobbies and side hustles such as eBay and Vinted.

Companies like these are now required to share sales data and personal information on sellers.

The rules, which took effect in January, do not mean there is a new tax charge for these sellers, just that more information is shared to ensure they are paying the correct amount of tax, external.

"We cannot be clearer – if you are not trading and just occasionally sell unwanted items online – there is no tax due," HMRC said.

"As has always been the case, some people who are trading through websites or selling services online may need to be paying tax and registering for self assessment."

Those most likely to be affected are people who buy goods for resale or make goods with the intention of selling them for a profit, or offer a service such as being a delivery driver or letting out a holiday home.

[lucy_farmer]

It's *all* the OECD countries (there's 38 of them- it's most of the Western World) that are doing this.

It's apparently for trying to chase down and control online 'money laudering' and so on.

It's not just Ebay being a pain, or the UK HMRC getting tough, or the UK labour govt being obstructive, or any partisan/political stuff at all.....

It's worldwide.

[613lesw]

since Jan 2024 - my sales were over £5000. Private sales - I love guitars, buy one for say 1500,  then another one, then sell them within  a year later  - usually at same price or at a slight loss-so constantly rotating my private collection.  not sure if the new account 2024 thing is really a thing, but I have had an ebay account for around 15 years  and Ebay has not reported me. Also not sure if ebay not only add up the sales income you have received, but also perhaps the amount you have spent on ebay during that same period -just as the tax man would xpect for a genuine business so  that any supposed profit would be after deducting the business costs. So I received £5000 from ebay but spend £4000 on ebay - £1000 difference and no reporting. Just a theory and cannot think why ebay has not reported me other than the new account 2024 thing being accurate. Perhaps due to not being able to retrospectively apply a new law to previous years.

[papso22]

The 'new account thing' is not only accurate it can be confirmed on the gov.uk website and ebay's published policies, where they also confirm that it is your total sales they will report (not sales less purchases).

[613lesw]

that's great to know thanks.