The Tax man And selling on eBay or Etsy ect
So as of January 1st eBay and other selling platforms now have to report to HMRC anyone selling more than £1000.00 in 1 year.
HM Revenue & Customs has brought in fresh rules this New Year, in a bid to crack down on tax evasion through side-hustles.
As of January 1, platforms such as Vinted, Depop, Etsy and eBay, will be required to collect information about how much money people are making and report this to HMRC.
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The Tax man And selling on eBay or Etsy ect
Quote:
Originally Posted by
Franky Four Fingers
There must be more to it than that…i caught the end of that as well. How can they do that if it’s something youve purchased and just selling it on. It never mentioned anything about being sold for profit im sure
It seems no matter what if you sell over £1000.00 it's reported, as far as I can make out it doesn't matter weather you made a loss on something, it's selling that counts.
I think it's anything over the tax threshold is taxable over £1000.00 of sales.
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The Tax man And selling on eBay or Etsy ect
It will be aimed at someone like a friends wife. She asked him years ago if she could try and sell the rubbish he chucked away ( he imported engines, stripped the wiring and all ancillaries off, stripped cleaned and tuned them for resale via his web site or straight to race teams) so she started putting the bits on eBay, in the first year she got over £30,000 selling the scrap he dumped. So I think just selling your occasional coat and things won’t matter, but the car dealers and businesses using the platforms will be thinking hard about recording sales properly.
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