Hmrc - ebay/airbnb/vinted etc new rules - 1st Jan 2024

MichaelAwkward said:
People who buy and sell a lot (I.e clearly trading) but aren’t making a profit are just contributing to the UK economy being so crap so it’s no real loss for them to stop wasting their own and everyone else’s time with nonsense businesses like that.
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It made more of a difference before I hit the 50k tax band. Now it really isn't worth my time. So this is probably a blessing in disguise.
I'll just run down what I have over the next few years and get some loft space back.
 
Firestar_3x said:
These changes will just promote more cash in hand transactions.

a limit of 1k on transactions seems silly low.
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Ebay will still have record of the sale though, so people will probably move to gumtree or FB marketplace, or even the traditional paid listings in the weekly town newspaper
hellarda said:
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
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You don't think HMRC aren't automating things these days, bless
 
NickK said:
They are selling and the total sale is 1K/year. IIRC that’s 40% tax..

My point here is £400 tax causes the business to fold vs. far higher tax if they flourish.

Perhaps we should ask HMRC if the PPE billions income by directors was taxed and how much?
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That isn't how tax works.
But I agree Mone and other PPE clowns should be swinging on ropes from the bridges of London.
 
Minusorange said:
Ebay will still have record of the sale though, so people will probably move to gumtree or FB marketplace, or even the traditional paid listings in the weekly town newspaper

You don't think HMRC aren't automating things these days, bless
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Not my experience - I deal with HRMC on a regular basis as I am self-employed
 
I recently sold a GoPro for £300 (at a slight loss) on my work's intranet noticeboard. I was paid the £300 by PayPal. PayPal will be one of the digital platforms that will be audited by the tax office. Does it mean that I have £700 left in sales in this tax year if I was to sell more stuff? I've read through the first 100 posts in this thread and there seems to be conflicting information about private vs commercial sales e.g. cars and whether this needs to be declared under the £1000 limit or the £6000 capital gains tax limit.
 
Pawnless Endgame said:
I recently sold a GoPro for £300 (at a slight loss) on my work's intranet noticeboard. I was paid the £300 by PayPal. PayPal will be one of the digital platforms that will be audited by the tax office. Does it mean that I have £700 left in sales in this tax year if I was to sell more stuff? I've read through the first 100 posts in this thread and there seems to be conflicting information about private vs commercial sales e.g. cars and whether this needs to be declared under the £1000 limit or the £6000 capital gains tax limit.
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If it was a personal item, nothing to worry about.
 
Pawnless Endgame said:
I recently sold a GoPro for £300 (at a slight loss) on my work's intranet noticeboard. I was paid the £300 by PayPal. PayPal will be one of the digital platforms that will be audited by the tax office. Does it mean that I have £700 left in sales in this tax year if I was to sell more stuff? I've read through the first 100 posts in this thread and there seems to be conflicting information about private vs commercial sales e.g. cars and whether this needs to be declared under the £1000 limit or the £6000 capital gains tax limit.
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Not sure. Seems a bit unclear. It certainly seems like you could get some sort of notice from HMRC if you sell old stuff that amounts to more than a certain amount on eBay or something, even if you are selling it at a loss/used.

With how stupid automated systems are, I can certainly see some people falling afoul of this, even if they were just selling a load of old stuff when moving or something...

But technically you only need to pay tax if you are a trader selling for profit of over £1000 in a tax year.
 
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Jono8 said:
And how will these site's (presumably) automated systems know whether something was a personal item sold for a loss/no profit or not?
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They won't, so if you sell loads, then you might end up on a list submitted to HMRC. If HMRC subsequently ask about your income, then you tell them it was just selling your personal stuff.

Unless your selling patterns look very suss, I doubt they'd even ask most people to prove it.
 
We have 8 "Turkish" barbers, 8 Shawarma and 7 mini markets all on a 1 mile road. Virtually everyone is a front, push cash through the books. HMCR have given up. They arent coming for your few quid selling clothes.
 
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ci_newman said:
WTF is that.

Jesus I feel old
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Yeah. If there's one thing to make me feel. Old it's the state of social media.
Its the only time I can really feel the age gap between my 20 something year old friends and the 30 somethings.

The 20s share tiktok stuff. And I do not understand. Especially the super short stuff.
 
Destination said:
That isn't how tax works.
But I agree Mone and other PPE clowns should be swinging on ropes from the bridges of London.
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Yup. I’m aware (HMRC tried to over tax me 32K recently but auto corrected).
My point here is that although HMRC can’t change policy, the government can and should encourage trading.
 
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