So ive been selling alot this year, and ive gone waaaay over the £1700 and 30 listings
So do we have to declare what we sold or do we get a letter problem from HMRC? As some stuff is personal belongings and some is buy and flip for profit
If its stuff you have bought to sell then yes you need to declare, you should also have 1 eBay account for your personal items and 2 for the business you are running as if HMRC do look into it they may want you paying for all the items you have sold. The chances of them looking into it are slim but not 0, nobody knows what they will look into but the general consensus is the more you sell the higher the chances you will be looked into. HMRC are obviously the last people you want looking through your finances for obvious reasons especially if you are not playing by the book.
You really need a business account for your ‘flips’ as that is trading. Once you have hit £1000 turnover (incl postage charge), you need to declare your trading to HMRC. If you keep your personal items on a private ID then those sales do not need to be declared as its your stuff (the exception being one item or a collection of items selling for £6000+ as you may need to pay capital gains tax on these items).
