who LEGIT makes passive income?

[EvilRob]

I do think so yes.
Happy to hear your venture is going well, however I am referring to the average person who claims they have a passive income!

I didn't go into it with that goal and haven't tried to categorise it as a "passive income"; I'm just saying for me it didn't take much work at all and I'm kind of sceptical when people claim it does. I did get lucky with a very solid tenant though.

 

[Deleted member 77746]

do what car breakers do and use ebay as an advertising place without actually selling anything on there, just have a picture of an email address / web link for them to buy from

the old " if you click buy it now youll be send a wheel bolt "

That’s a good point.

 

[AndrewNR]

I have a feeling people will start moving to alternative platforms when they find out that the sites reporting to HMRC over to ones that don’t report. If eBay have to start sending over stats then all selling sites should. Confident of this.

What about the OCUK members market? Saying that it’s not public facing unless you meet the criteria anyway.

Edit: ah “ As HMRC says, “The campaign isn't for people who only sell a few of their personal items. They are unlikely to need to pay tax as they aren't trading.”

Got it!

So is it going to be based on number of sales or value?
Will Jon selling 1,000 £5 items get caught whilst Tim selling 2 cars they've 'done up' for £100,000 get away with it based on a 12 month period?

 

[Deleted member 77746]

So is it going to be based on number of sales or value?
Will Jon selling 1,000 £5 items get caught whilst Tim selling 2 cars they've 'done up' for £100,000 get away with it based on a 12 month period?

It’s if the market place classes you as a trader or if HMRC wants your selling stats I guess. Casual items sold is ok. To me it sounds like if X amount of the same product is sold or it is obvious if a seller is trying to sell for profit. HMRC wants these people to pay tax on the items sold and this means people can now be reported to HMRC for tax evasion.

OCK don’t allow traders anyway and the mods will make damn sure nobody is trading for profits so people selling in the MM will be alright.

I guess this means people will need to officially register themselves as a business.

 

[sigma]

Housewives / husbands?

Rent them out?

 

[Efour]

Would you let an mg42 machine gun maniac groom your poodle....

 

[ristac]

I have a feeling people will start moving to alternative platforms when they find out that the sites reporting to HMRC over to ones that don’t report. If eBay have to start sending over stats then all selling sites should. Confident of this.

What about the OCUK members market? Saying that it’s not public facing unless you meet the criteria anyway.

Edit: ah “ As HMRC says, “The campaign isn't for people who only sell a few of their personal items. They are unlikely to need to pay tax as they aren't trading.”

Got it!

HMRC already have inspectors watching classified ads on places like Gumtree and FB marketplace. It all starts with a can you send us your last 12 months bank statements

 

[Removed User 345456]

Those who earn passive income I hope you all declaring it.

I rent out pimp snails with @keef247 .

We make 10 million scoins a week.

/ Tax man enters the thread.

The whole point of the scoins was to be anonymous/untraceable. You've just stitched us royally m9! Thank god for that offshore account in that birds name eh!
You didn't mention the Snail Gucci belts in our store though!

 

[Deleted member 77746]

HMRC already have inspectors watching classified ads on places like Gumtree and FB marketplace. It all starts with a can you send us your last 12 months bank statements

Yeh we will see where this goes.

 

[Deleted member 77746]

Rent them out?

Can’t rent them out on onlyfans. If they were a snail me and @keef247 would be more than welcome to move to onlysnails.

 

[Removed User 345456]

HMRC already have inspectors watching classified ads on places like Gumtree and FB marketplace. It all starts with a can you send us your last 12 months bank statements

I mean, you'd have to be a dumbass to sell anything on any of those platforms with your own details... It's obvious if you're doing it as a business, you're going to get caught doing it undeclared. And who wants random weirdos from GumTree having your real details/number even to sell the odd thing. Blind leading the blind, much!

 

[Removed User 345456]

Can’t rent them out on onlyfans. If they were a snail me and @keef247 would be more than welcome to move to onlysnails.

We have the market sewn up with the on demand snail content anyways, so we don't need ropey old hussies.

 

[Deleted member 77746]

HMRC already have inspectors watching classified ads on places like Gumtree and FB marketplace. It all starts with a can you send us your last 12 months bank statements

What happens if you refuse? Do they just go into your accounts anyway?

 

[ristac]

I mean, you'd have to be a dumbass to sell anything on any of those platforms with your own details...

I think they probably target the hairdressers, nail technicians, man van services and similar. I did hear a good few years back, that they had a drive on the Avon sellers

 

[Removed User 345456]

What happens if you refuse? Do they just go into your accounts anyway?

You get free entry to a bondage dungeon court appearance?

 

[Removed User 345456]

I think they probably target the hairdressers, nail technicians, man van services and similar. I did hear a good few years back, that they had a drive on the Avon sellers

 

[ristac]

What happens if you refuse? Do they just go into your accounts anyway?

I had an inspection a few years back, thankfully I’d done everything legit. Once they are on to you, it’s up to you to prove you are innocent. It’s best to comply, start refusing and they’ll just consider you’re hiding something.

I was asked 18 months statements, I’ve heard of people being asked for 5yrs worth. Worst thing is, gathering everything I needed and using my accountant to ensure everything was in place cost me £500 to prove I was legit

 

[Deleted member 77746]

I had an inspection a few years back, thankfully I’d done everything legit. Once they are on to you, it’s up to you to prove you are innocent. It’s best to comply, start refusing and they’ll just consider you’re hiding something.

I was asked 18 months statements, I’ve heard of people being asked for 5yrs worth. Worst thing is, gathering everything I needed and using my accountant to ensure everything was in place cost me £500 to prove I was legit

Crazy !

 

[Deleted member 77746]

I think they probably target the hairdressers, nail technicians, man van services and similar. I did hear a good few years back, that they had a drive on the Avon sellers

I think this is the start, once they know it's working they going to go for everyone doing absolutely everything they possibly can.

 

[Freddie1980]

One option to consider (besides marrying a wealthy widow who pays you a stipend) the interest you can earn on a cash ISA, you still need to research what fund is suitable for your needs and you regularly need to check that the bank hasn't changed the interest rate so it's not truly passive but close enough to no effort it can be considered passive income.