Anyone declaring eBay income to the HMRC?

[Takingabreak]

Unless you've also bought and sold other stuff that made a profit in which case you can count this against it if you need to.

that's kind of where I was heading. At what point are people subject to the same profit / loss type of thing as a Company when it comes to taxation.

 

[baron von greenback]

If it was me I would just set up a new account when I got to say £2000 if the threshold is £2500 bollocks to em

 

[bikeworkshop]

If it was me I would just set up a new account when I got to say £2000 if the threshold is £2500 bollocks to em

Those guys have chains and bars on their stamp to remind you of what they can do if you don't play ball.

that's kind of where I was heading. At what point are people subject to the same profit / loss type of thing as a Company when it comes to taxation.

If you're making more than a certain amount of money, it doesn't matter if you think it's just a hobby or not, you become liable to pay tax on profit.

People who make money have to pay tax.

Taxes pay for hospitals and things.

it's not all bad.

Although the record keeping and calculations are

 

[d8mok]

If it was me I would just set up a new account when I got to say £2000 if the threshold is £2500 bollocks to em

They request NI number so complicated to get around.

Much easier to use family members accounts that are already active ….

 

[CassidyAce]

Where did this figure of £2,500 come from? I thought that it was only £1,000 'trading allowance'.

 

[Guinessisgoodforyou]

Where did this figure of £2,500 come from? I thought that it was only £1,000 'trading allowance'.

+1

 

[bikeworkshop]

They request NI number so complicated to get around.

Much easier to use family members accounts that are already active ….

Just don't tell them you're drawing them into tax fraud

Where did this figure of £2,500 come from? I thought that it was only £1,000 'trading allowance'.

I don't think there's a legal definition of the amount at which it becomes "trade" - but different companies and tax agencies have different guidelines

 

[CassidyAce]

From gov.uk:
https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

 

[d8mok]

Just don't tell them you're drawing them into tax fraud

I don't think there's a legal definition of the amount traded - but different companies and tax agencies have different guidelines

No fraud if you gift them the items to sell , and at some point they also happen to gift you a small sum too.


£1000 is HMRC allowance for trading. Whether that’s profit or turnover is open

EBay report anything over about £1800 PA.

HMRC aren’t after someone selling a few old bits of bikes. They are after the ones who are actually running a business and not declaring anything.

Used items will also be far harder to prove as who knows what was paid for them

 

[baron von greenback]

They request NI number so complicated to get around.

Much easier to use family members accounts that are already active ….

They ask for NI number to sell on eBay wow that's crazy