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[Finance] Selling personal items online, beware of HMRC!
- Thread starter AmexRuislip
- Start date
Think Robert De Niro/Al Pacino
That’d be a governments decision with legislation. At the moment Amazon etc get away with paying very low CT due to transferring their profits to tax havens.
HMRC can only administer tax legislation.
Frankly...
Anyway, I did 36 in a 30 zone yesterday and, naturally, I called the police and handed myself over.
It's a fair cop.
The Clamp
Well-known member
Hmm. Think I’d just sell what I want to sell and HMRC can eat a bag of dicks.
Tax is insane in this country.
I don’t sell stuff online but if I did, I wouldn’t declare a penny of it.
Tax is insane in this country.
I don’t sell stuff online but if I did, I wouldn’t declare a penny of it.
Justice
Dangerous Idiot
What about Astrid selling her ham sandwich?
Justice
Dangerous Idiot
It’s like asking a tradesman to declare a cash job. Not gonna happen.
Cave-eat emptor?
While I agree with the sentiment of your post, unfortunately online resellers such as Ebay, Vinted etc have to report sellers that have sold more than a certain amount in a tax year ( £1700 IIRC ). So there's no way of getting away from HMRC's beady greedy little eye.
It was the desire to lose 20kg which caught my eye more. Not that I ever thought you overweight, more a concern you might be cutting down on fine dining! This would worry me immensely
nevergoagain
Well-known member
Exactly this, I set myself up as a sole trader in light of those previous announcements not a major issue but will cost me a few quid in extra tax at some point.
Justice
Dangerous Idiot
Beware of the growler
- Aug 24, 2020
- 7,972
Call me an old cynic, but by clicking on that link, especially if you are signed in on the government gateway, it could alert HMRC that you may have undeclared income.
Check if you need to tell HMRC about your income from online platforms
Check if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.www.gov.uk
Apologies if already fixtures.
I thought this is an interesting POV, if you deal on Ebay or other.
£6000 onwards
PS: MODS please change HRMC to HMRC.
Trading - if turnover doesn’t exceed £1k, then claim the Trading Allowance on tax return, no tax to pay.
Selling personal items for a gain - different rules, CGT. £3k annual tax free allowance. In addition:
Selling personal items for a gain - different rules, CGT. £3k annual tax free allowance. In addition:
They’re so understaffed, you’ll be fine!
AmexRuislip
Retired Spy 🕵️♂️
- Thread starter
- #36
I'm Skint mate
Tubby Mondays
Well-known member
Indeed and the decision to reduce investigation staff in HMRC down to a level where it can only target people in their bedrooms selling tat on a ebay or in a scout hut car park at a boot sale has been a government decision over many years.
The latest estimate for tax fraud is £11.2 bn a year. Tax fraud prosecutions have halved since 2019/20 to 344 last year.
Meanwhile benefit fraud is estimated at £7.4bn a year, yet there were 655 DWP prosecutions last year (which has dropped off as well).
happypig
Staring at the rude boys
I'm having a clearout and selling a load of stuff I bought when I was working to make me (briefly) happier. A few items I have made a small profit on, the majority I've made a loss.
I'm not going to bother with a tax return for the 46th year in a row.
I'm not going to bother with a tax return for the 46th year in a row.
sydney
tinky ****in winky
yeah go on..!!
We should start a Mods Gym Sub Forum. It may be a little niche though.
I’ve already lost 7. It’s another 20…It was the desire to lose 20kg which caught my eye more. Not that I ever thought you overweight, more a concern you might be cutting down on fine dining! This would worry me immensely
That will get my BMI to 25. So, yeah, definitely overweight currently.
Fine dining is as popular a recreation as it has ever been. It’s the empty calories that have gone…