SELLING LIMIT

[wiganyankeeron]

Why  advertise 300 free listings  a month for Private sellers when the criteria is only 30 listings a year??

[jonatjonatjonat]

What do you mean? It is 300 free listings a month.

[wiganyankeeron]

Yes but the limit for tax purposes is only30 sales a year ?

RON,

[moldosgifts]

Because 300 is ebay's limit and 30 items is the OECD's limit,

[wiganyankeeron]

I am a private seller and just had an email requesting my N.I. number as EBAY now have to inform the HMRC of any sales  My query is what is the criteria 30 sales in a years or £1,000??? I am only selling what Ive bought and collected over the last 50 years And decided now is the time to let it go. I'm confused???? I've read various rules:- Just checked and over the last 2 years I made just over £2,000 i.e. £2005 which dosen't take into consideration postage costs and Ebay fees.

1. you are allowed to sell your OWN PERSONAL  items that you have bought for yourself with no restrictions. up to a value of c. £1,700 p.a.

2. you are only allowed to sell items up to a total value of £1000 in a tax year. Hustlers something???

3. you are only allowed to make 30 sales in a tax year.  30 sales isn't a lot if you are allowed to make £1,000?? without having to pay any tax.

[moldosgifts]

Collecting NINO is so when you breach the limit they already have your details.

This has to do with your a seller people who just buy on ebay will not get asked for it.

The other option is don't send it they stop your pay-outs and eventually close your account, but your sales will still get reported top HMRC.

[wiganyankeeron]

Yes I appreciate why they asking for my N.I. BUT what is the limit before you would be liable for tax??? 30 sales in a year,  £1,000 or £1,700??? Are these amounts  after EBAY fess   and postage costs??

[moldosgifts]

IS it your own stuff or do you go around a car boot or charity shop and pick things up that you then sell?

[moldosgifts]

---

@wiganyankeeron wrote:

Yes I appreciate why they asking for my N.I. BUT what is the limit before you would be liable for tax??? 30 sales in a year,  £1,000 or £1,700??? Are these amounts  after EBAY fess   and postage costs??

---

Lets start from the very beginning  if its your own stuff NOT tax at all unless a single sale is over £6000 then its CGT

The reporting limit is a European law we signed up to, THE law states digital platforms (ebay, etsy and so on) report the persons sales once the reach 30 sales or £1700 ( its actually 2000 euros) this an OECD law.

At that point HMRC take a look and may write to you , then you explain your activity to them.

There is no limit unless your trading £1000 trading allowance is the point at which you need to fil in  a return, but only if your actually trading, 

As long as your own things your selling the only thing that could happen is a letter, just don't go around car boots or charity chops and buy things to sell,

If you buy, make or grow anything to sell it you will be trading and only then you may have to pay some tax and at that point see an accountant.

[jonatjonatjonat]

That isn't a limit if all you are doing is selling your own personal goods and not trading - the 30 sales is a trigger (as expertly explained by moldosgifts

[wiganyankeeron]

Thanks for putting the rules into simple language. For an 80th year old. I
couldn’t get my head around what is, and what isn’t, allowed. I’ll carry on
as I have done until the BAILIFFS come knocking..
What I sell is all ‘stuff’ I’ve bought over the past 60 years from various
sources. As well as a lot of “Stuff” I inherited from my dad, who too was a
collector. To satisfy the many collectable hobbies I’ve had over the years.
You name it, and I’ve collected it at one time.., i.e. Football Programmes,
Postcards, 78rpm records and the ephemera to accompany it. Comics, Local
History books Advertising ephemera, etc. and anything WIGAN related I’ve
bought.. I am an active member of a couple of local History Societies and my
collection has become an invaluable source of information for not only local
Historians but the Media incl. BBC and ITV.
I think I’ve gone through every collectable theme. In my time. The house and
garage are bulging at the seams. My wife decided 10+ years ago that all the
‘RUBBISH’ as she calls it,, went, or she did. So reluctantly( it was a
difficult decision to make!!!!. People who have never collected things don’t
know the attachment things have) So I started to sell certain items. I’ve
never made a fortune Some items I’ve sold, after paying the EBAY 10% plus
35p listing fee, which have now been removed, and postage costs. I would
have been out of pocket Others I’ve made a few bob but probably less than
what I originally paid for it.
Just checked my selling over the last two years and I’ve sold £2,010 worth
of items. incl. the fees and postage. And that includes a trailer I recently
sold for £200 which a few years ago I paid £400 for.

RON,

[wiganyankeeron]

My kids inheritance

RON,

[wiganyankeeron]

RON,

[thrifted.gems_store]

You are allowed to sell as many items as you want in the eyes of HMRC, if you are selling stuff for a profit then it needs to be declared.  If you are clearing out your house of old things, that still needs to be declared but HMRC wont take action as you aren't making a profit.  

The £1000 limit per year is the threshold before HMRC need to know about it , but doesn't  mean that you are going to need to start paying tax on it. 

the 30 sales per year is the limit HMRC deem to be not just selling off your old stuff and you are taking it abit more seriously but again doesnt mean that you are going to need to pay tax once youve started selling 30 items. 

[wiganyankeeron]

What if someone  sell things for less than they originally paid Can they claim that as a loss against any tax liability???Just a thought I'm not saying I'm in that bracket

But most of the items I sell I've bought in the past for a lot more than I am now selling them for. 

The HMRC are welcome to come to my house and see the rooms and garage full of stuff Ive bought over the last 60 years. and which I'm now getting rid off on the orders of my wife.

[andha-21]

If you get rid of your wife instead you won't have to worry about HMRC or limits.

Sounds like it could be easier ..

& Yes, I am joking.

[thrifted.gems_store]

If you are selling stuff at a loss from what you have bought them for in the past then HMRC will still be told you have made X amount in sales, but you will then need to tell them that of the 5k i actually made (for eg) you maybe paid 6k for the items. so there will be no tax liability there 

[wiganyankeeron]

That's an idea when I find her amongst the boxes of stuff. Not seen her for
a few months.




RON,

[moldosgifts]

---

@wiganyankeeron wrote:

What if someone  sell things for less than they originally paid Can they claim that as a loss against any tax liability???Just a thought I'm not saying I'm in that bracket

But most of the items I sell I've bought in the past for a lot more than I am now selling them for. 

The HMRC are welcome to come to my house and see the rooms and garage full of stuff Ive bought over the last 60 years. and which I'm now getting rid off on the orders of my wife.

---

Selling for less doesn't come into it, as it's your own stuff, that only comes into it if you always intended to resell it ie trading, you aren't trading you selling your own collection, The trading allowance is for businesses only, As long as a single sale is not over £6000 no need to declare to HNRC  for CGT the absolutory only possible reason they may show interest beyond the letter you may get is the fact you have  allot of brand new listing on,

see my other post (9) for full explanation of what the limits are

All i can say is if you do get a letter from HMRC be truthful with them