Becket Posted Monday at 16:26 Posted Monday at 16:26 Anyone understand anything about this........................... ? New rules mean this time around, for the first time, online platforms such as eBay and Vinted must tell HMRC about sales information from people selling 30 items or more or who earned at least £1,700.
Mithras Posted Monday at 17:16 Posted Monday at 17:16 You Pay Tax on the profit no reciept against market value hmrc website says You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more. Possessions you may need to pay tax on include: jewellery paintings antiques coins and stamps sets of things,
Frankie Crocker Posted Monday at 17:26 Posted Monday at 17:26 Selling on eBay therefore makes limited sense if the value of items is to be reported. Surely it makes more sense to sell privately, on small online platforms or negotiate a trade of some sort. Paying eBay commission is also madness when valuable items are involved - the seller loses out significantly.
Mithras Posted Monday at 18:01 Posted Monday at 18:01 how to calculate .....the tax is the difference on what you paid a £100 disc sells for £125 tax on £25 @20% no ebay fees on sellers at the moment. ( as a private seller) funny thing £1000 disc with no reciept after 50 years how does that work,discogs valuation is the key...It requires book keeping.....
Pittstar Posted Monday at 21:35 Posted Monday at 21:35 5 hours ago, Becket said: Anyone understand anything about this........................... ? New rules mean this time around, for the first time, online platforms such as eBay and Vinted must tell HMRC about sales information from people selling 30 items or more or who earned at least £1,700. And That amount is across all Platforms so it’s £1700 divided by DC eBay . Etc
Dylan Posted Monday at 21:46 Posted Monday at 21:46 So if you sell record for 2k is the onus on you to prove how much you paid for it ? And hence how much profit ?
Steviehay Posted Tuesday at 14:21 Posted Tuesday at 14:21 believe this to be BUSINESS only not private sales
Candiman Posted Tuesday at 15:04 Posted Tuesday at 15:04 It's your word against theirs really isn't it? You can quite easily answer three or four simple questions at the Gov site here and come up with the answer that you have nothing to worry about. So, you sell records on ebay fairly regularly: You could argue these are part of a personal collection built up over many years which you are now downsizing (they are not part of a set as such, but they are personal belongings). So no problem. On the other hand HMRC could argue that a pattern of fairly regular sales over an extended period of time indicates you are trading. So problem. In reality you are doing a bit of both - selling items out of a collection built up over many years, some of which has been built up by buying cheap at car boots, chazzas and the like, and some of those purchases made with the express intention of flipping for a profit (hopefully). So it's a grey area, and many accountants websites, such as this one, don't really help clarify things. In the end where does the burden of proof lie? 1
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