If that one-off becomes regular, you might fall under their radar. Trained staff will be looking for patterns rather than the one-off selling of a phone.
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HMRC is not the most user-friendly government department and it is a good idea to keep full records of what you sell, how much it cost you, and how much you sold it for. There are occasional crackdowns meant to trawl in offenders but small traders should still be worried about getting caught in the net. Is the taxman really interested in little old me? The taxman puts all the information obtained from sites into a sophisticated computer system which flags up possible avoidance. “It means teams of investigators now have extensive access to websites such as Etsy - where craft-makers sell items like homemade cards and knitting - and eBay as well as property and holiday letting sites including and Airbnb.” Why your new £1 coin could be worth HUNDREDS.The website This Is Money says: “HM Revenue and Customs quietly acquired powers in September which allow it to snoop on anyone who uses so-called marketplace websites that connect buyers and sellers. Legislation allows them to demand information from sites like eBay so there is no hiding place. They will have to make a tax return (eg Self Assessment) and then pay any tax owed.” How can they tell if I am making money on eBay? “Whether a small business actually owes any tax depends on their circumstances eg have they made a profit, do they trade in VAT rated goods, do they have any staff etc.” HMRC say: “An individual need to register with HMRC when they’re looking to make a profit from repeatedly selling goods or services. Not for occasional use - selling a few books and clothes at a loss from the original purchase price.īut here’s what the taxman says about what you have to do if you make some money. There will be tax relief on the first £1,000 earned by “micro-entrepreneurs” but it is not clear how it will work in practice. Things might become easier in April when changes announced in the last but one budget come into force. These new £1 coins are ALREADY selling on eBay for THOUSANDS.The taxman would deem you are running a business if you make a regular profit but that might not in itself invite a tax demand. There is a difference between selling a few unwanted household items, which will not attract tax, and moving on more than can reasonably be expected from the occasional clear-out which may attract a tax demand. The moment it turns from being a private enterprise into a business is hard to gauge - here's some advice which could help you knowing when you cross that threshold, as highlighted in chroniclelive.
Thousands of Brummies supplement their income by selling odds and ends on eBay.įor some it turns into a major source of cash - but make too many deals and the tax inspectors could come knocking on your door!
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