Inland revenue may spell the end for eBay hobbyists

[abowan2012]

Am I alone in thinking the taxman's interest in clobbering hobbyist sellers could spell the end for eBay hobbyists like myself?

I buy and sell as a hobby but have taken fright at the Inland Revenue's reported decision to go after very minor players. 

I like buying old and interesting things as a way of sorting out friends and family with unusual gifts for birthdays, weddings, Christmas etc.

My hobby has got a little out of hand hand and I've been selling the excess - sometimes at a profit, sometimes at break-even and occasionally at a loss. 

I spend a lot of time doing research and enjoy writing about the items I acquire. I also enjoy the sociable aspect of the hobby when people delight in my finds as much as I do.

All of that is going to go with the spectre of the taxman now threatening to spoil my enjoyment.

The last thing I want to do is filing accounts. I am pretty sure my overheads - running a car, going to view, going to collect, going to drop-off, paying for stationery, breakages etc - will make the taxman's possible interest in me very unrewarding financially.  But the thought of having to log everything down will kill all the fun of it.

I suspect I am not the only one in the same boat and I fear the saleroom auctions will soon feel the pinch - and go out of business - as hobbyists like me drop out of the market.

The problem is, the taxman likes to go after minor players rather than taking what the country's finances are due from the Usual Suspects like Amazon and their ilk.

[jolly-chef]

I think to be on the safe side, anyone who sells on eBay should file a self-assessment in December this year 😁

In reality, I think when Labour get in they'll increase the silly trading to a sensible level like £2,500 and make everyone's lives a little easier

In summary, it's all due to the Tories

[floral.lines.supplies]

It is easy.

If you're selling your dust covered tat from under your bed a few times a year and you make £1000 and under then your a private seller with nowt to worry about.

If you're buying to sell like the OP and going over the £1000 allowance per year than you should be filling in your self assessment and keeping all your paperwork/books as evidence.....and they know they should be.

Just like anyone who is selling large numbers of items and going well over the £1000 pretending to be private sellers on every online site going.

Carboots are going to be rammed this year.

[litp*records]

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@nigel_paul_wright7557 wrote:

You could say "own items" about anything to get around the tax man but if your buying to sell on then you are trading and should have been using a accountant to do your tax return for that.

All that has happened is now the tax man will know how much your turnover is and he will be visiting you.

I have an accountant yet lost £500 last year.

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You don't need an accountant. If you're running a small ebay business and especially if you are self-employed it's easy to do self-assessment tax return yourself.  I have got so quick at doing them now, because the answer to the vast majority of questions is "No"!  

[susapric-68]

Depends what you call a hobby, you have sold over 1k in just 1 month, could say footballers should not be taxed as it's just a hobby and a bit of fun

[litp*records]

Nothing wrong with private sellers selling a grand worth of stuff in a month.  That's easy if you're clearing out your loft etc.  

If you were however doing that consistently over many months/years, and/or there is evidence you are buying to resell, or selling lots of new goods, those are all "badges of trading"

[abowan2012]

You have just wasted my time reading your reply about time-wasting. 

It would be better and helpful to spend your time cross-referencing threads on this subject rather than pompously try and stifle debate.