Associate
and whats stopping the hmrc think that? imagine all these trader just pretend to be private sellers what then? isnt that why they are doing this to catch people out
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Hmrc - ebay/airbnb/vinted etc new rules - 1st Jan 2024
- Thread starter 413x
- Start date
Soldato
keep reposting this, I keep forgetting and remembering in bed!
They'll send a letter but they won't be hunting down and demanding evidence from someone who sold £1100 worth of stuff and claims it was just personal possessions unless it's blindingly obvious they're lying, it just wouldn't be worth the effort.
Soldato
To be fair, HMRC are pretty cool. I would recommend anyone talks to them if you need help trying to figure out what you actually need to pay. Probably best not to talk to them if you are some people in this thread though lol.
Man of Honour
So what's changed...?
Soldato
I believe they are
Really, this is probably a positive as I expect there is some significant tax to be clawed back.
It is a shame HMRC/government can't be held to account for their dodgy deals and same for mega corps to (legally) avoid tax though.
Worked out it would take me 3 years to clear what I have staying under 1k. That's not too bad.
It is a shame HMRC/government can't be held to account for their dodgy deals and same for mega corps to (legally) avoid tax though.
Worked out it would take me 3 years to clear what I have staying under 1k. That's not too bad.
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You clearly have no idea how HMRC operates - unless you are unlucky and get randomly spot checked by someone who got out the wrong side of bed that morning - HMRC do not have the resources, and cannot justify the cost and time, to go after the small fish who should be paying a few tens or hundreds more in tax.
Man of Honour
I haven't looked into it at all, but what actually is this then?
Either you're currently a trader dodging tax by not declaring your business, in which case this is good, or you are someone just s selling your own possessions, in which case... Nothing changes? Is the siff renfe they are now monitoring/getting data from from the big platforms and you're being automatically pinged for self assessment based off it?
Either you're currently a trader dodging tax by not declaring your business, in which case this is good, or you are someone just s selling your own possessions, in which case... Nothing changes? Is the siff renfe they are now monitoring/getting data from from the big platforms and you're being automatically pinged for self assessment based off it?
Soldato
Yes, she gets an additional £1k side hustle/trading personal allowance.
Everyone gets the big standard 12,570 + any tax benefits like uniform, working from home, work licenses allowances.
People earning less than 50k, gets 1k interest allowance from savings in non isa account, known as personal saving allowance.
You are allowed 1k from dividends from shares that you own.. and some premium bonds payments are considered as dividends while some ain’t.
And your allow 1k side hustle, selling junk on fleabay, babysitting, renting your lawnmower.. allowance.
The main thing is that all your taxable income needs to be below the threshold, else you may have to pay additional income tax.
Edit: and 6k or 3k from next April for capital gains.. when you sells something for more than your brought it for, with in a set period of time.
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Associate
- Joined
- 6 Oct 2006
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Fixed
at least according to how they calculate my tax! PAYE, but still play the 'you owe us / we owe you' yoyo every year.
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If they have reason to think that you are specifically buying cars to sell them, then they'll treat you as a trader.
If you change your personally registered car a couple of times a year, they're not coming for you, don't worry.
From the BBC article i read this came into effect yesterday (ie these sights collecting data), and they start reporting from 2025.
Airbnb, eBay, Vinted and other apps to share more information with HMRC
New rules mean online retail platforms including Airbnb and eBay will share more information with HMRC.
www.bbc.co.uk
Unless i am misunderstanding something.
To be honest, it looks like they will likely just flag people who are clearly making £1000's in sales/selling a huge amount.
In fact it says
"Under the rules set out by the OECD, firms will not be asked to share data about sellers who make fewer than 30 transactions or €2,000 (£1,735) a year."
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Now eBay etc. will tell HMRC how much you've been selling, not relying on you to be honest enough to report your own sales.
Caporegime
These changes will just promote more cash in hand transactions.
a limit of 1k on transactions seems silly low.
a limit of 1k on transactions seems silly low.
Man of Honour
I twit rwall
So really it's an additional allowance, essentially a tax cut for those that correctly declare it through self assessment as sole trader and turn over below the threshold?
I believe it’s the threshold that has dropped?