Anyone declaring eBay income to the HMRC?
- Thread starter sparkybhp
- Start date
No tax is due unless you are a business. Nothing hg has changed apart from the fact that now ebay has to report sales over a certain limit. To make this easier they request the NI number to tie it up to the person
bikeworkshop
Old School Grand Master
AFAIK tax is due on all income, but there's a slightly unspecified amount of sales can be argued as personal.
£5000 springs to mind
And a certain number of cars.
If you sold 10 bikes in a year for £10,000, HMRC could easily ask for it to be added on to your income and taxed accordingly.
(If you then produced receipts to show you'd bought them for £10,000, there would be nothing owing. Some people do this)
You could argue the case, but as a rule they usually win.
Hmrc mostly police those already registered for tax though, so a certain amount of buying and selling is unlikely to draw them in.
Ebay is packed with dealers presenting as multiple private sellers, closing the account as soon as they reach certain thresholds.
This reminds me of a tv show about "how people survive on benefits ".
They all came on and were followed round and filmed during their normal day.
1st was buying clothes from charity shops and selling them as vintage on ebay.
2nd was buying plants wholesale and selling them / looking after tjem for local offices.
HELLO! You shouldn't be claiming benefits....YOUR RUNNING A BUSINESS!
But this seems to now be quite the norm in society...no wonder hmrc want ebay to tell them when people reach a certain threshold.
They all came on and were followed round and filmed during their normal day.
1st was buying clothes from charity shops and selling them as vintage on ebay.
2nd was buying plants wholesale and selling them / looking after tjem for local offices.
HELLO! You shouldn't be claiming benefits....YOUR RUNNING A BUSINESS!
But this seems to now be quite the norm in society...no wonder hmrc want ebay to tell them when people reach a certain threshold.
Guinessisgoodforyou
rBotM Winner
Maybe because the benefits weren't enough and they were struggling to make ends meet? Your comment has absolutely nothing to do with the original post though.
bikeworkshop
Old School Grand Master
If you are on benefits you're more likely to be investigated -
you might be guilty of benefit fraud as well as non-payment of taxes.
you might be guilty of benefit fraud as well as non-payment of taxes.
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