The Ebay And Vinted Tax Triggers According To Martin Lewis

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[NikosMarko]

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[pensivepensioner]

Wow, this is like opening Pandora's box. I find it mind boggling that HMRC are targeting the little guys (and gals) like this. What about selling stuff you've collected for years and which has rocketed in value? Do they intend taxing you when you downsize and sell it on? Auction houses too will have to pass on vendor's details for Capital Gains Tax issues I presume? How on earth can you prove what you paid originally, surely no normal person keeps receipts for donkey's years 😳
I can see online selling sites taking a dive....

[AndrewBuckleBookReviews]

Yes, I love books, buy lots of books. Once I have read them (and it maybe 10 years later) I want to sell them. Bought them for £60 but sell them for £30 (minus post and packing etc), it is not for business reasons, it is purely to declutter the house of books or dvds etc read and watched. I can, in many cases, cross reference them to my ebay or amazon purchase but say I bought them at a comic mart, you never get a receipt there for any purchase so there is no record whether I paid £10 or £1 for an item. Also postage, will we have to keep all our receipts from the post office, their computer system only seems to keep the last 5 transactions. It is going to be a hefty exercise linking everything back to previous post office transactions. Personally, I think the 30 item / £1000 is way too low unless you are running a proper business, for personal decluttering purposes, it should be more like £6000+, otherwise will you just spread the declutter over 10 or 20 years to avoid hitting that limit.

[markhammond]

Rules are still the same, if you sell to make a profit you are allowed up to £1000 profit before you pay any tax, if you sell your old stuff you are allowed sales of up to £6000 before you pay any tax. It is then on the hmrc to prove that you have made a profit for any tax that may be owed.

So basically if you are a reseller buying items to make a profit you can make £1000 profit. If you sell your old stuff you can sell up to £6000.

So if you get anything from the hmrc saying otherwise you should take them to court as they will have to prove that you made a profit.

[Wiiworldwide]

It's a bad time for collectors and I can see lots of new boot sales opening and online sales dropping 😊

[marklola]

You can sell as a trade using a private ebay account. No rules say you can not, for people wondering....you do not have to have a business account on ebay at all. As long as you do the tax thing once a year if its over than you can keep the private account

[billyb]

30 items is pathetic my attic is full of Toys etc from all my children when they were young 30 items wouldn't scratch the surface

[middxmale]

I dont get this, You contradict yourself, is it (UK) £1, 000 or £1, 700 limit ??? ( eBay i gather says 2000 euros, or £1, 740 ) ...No one anywhere seems to know ? some say £1, 000 others £1, 700 ..I wish someone could say *definitively*

[arnolduk]

For the sale of a few items of junk on flea bay, I'd be more concerned about having all my tax and NI details being stored and shared on 'glitchy' selling platform servers.

[stephenparry]

Would this back date to April 2023 for the 30 items and £1000 gross sales or would it just be sales from 1st Jan 2024?

[Livingwithadog]

i thought you only need to charge vat if your turnover is 85k a year what if my sales are less than 60k?

[mash]

Fan game.. every time he says "actually" take a sip of vodka.

[galaxyam]

Hi niko, say if someone started selling on ebay in January of 2023 and have gone over that 1000£ limit in that year when would you recommend they register as self employed and tell hmrc by filling in the self employement information? Thanks.

[junctionleet]

A second or third hand book SHOULD NOT BE SUBJECT TO TAX. There's simply no justification for it. What next? Air tax?

[Socialshell]

I would assume that they will look for certain patterns of selling, for example selling personal items:
Mostly I sell my daughter's clothing/toys on Vinted my items are limited and my wardrobe is often bare as I don't sell 100s of units.
The sizes and gender-specific items are similar in size range and follow a flow relevant to a growing child my prices are low and below retail value.
(granted I'm not the best example as it is unlikely I will be impacted by this)
But if I was selling a vast amount of different items consistently making sales and uploading more items, finding a niche in the market and utilising that to generate future sales resulting in a pattern consistent with a business.
Private selling of own items is not gonna generate enough revenue or follow the same pattern so is easier to prove if requested, anyone who is a business just needs to keep good records and complete their self-assessment/ tax returns as required.

I feel the change seems to have caused Panic for no reason I'm not sure how much it changes anything? I just assumed it's makes people aware of their responsibility to inform HMRC Of their incoming regardless if it's taxable or not.

[petelamb]

Sellers already pay VAT when they sell there own items from home this government is done .take of the big companies aswell make it fair

[ryanfoxley]

According to hmrc they have no clue about this they don’t know why sellers are speculating about paying tax

[SaveMyExams-fqej]

What if you sell more than 30 items but you still made less than £1000 gross profit, what then?

[kentishmancollects]

Will they be taking into account selling fees that also include VAT

[izabelazajaczkowska]

Hi. Question is so if they share a data from January that mean they will have incomes from jan to April 2024? Or from April 2023-april 2024.
Thank you for answering