mk1-forum.net

First off - one of the huge attractions of attending a classic or mini event in the past was the complete lack of an internet causing us to drag our unwanted scraps and castoffs to a show and unloading it all on a tartan travel rug to display for sale. And/or enjoying our day chasing around looking at other folks unwanted junk

Obviously it is much easier to buy and sell our junk on eBay, but far less fun and antisocial

So… the government has come to the rescue. With effect from the end of Jan 2025, once your eBay account shows you have sold over £1,000 of tat/year, eBay is required to notify HMRC. You’re actually supposed to declare sales of over £1,000/year to HMRC yourself as part of the Self Assessment process. Whether you do that already, will not prevent eBay from having to do so in any event.

This is a wee bit of a pain if you have an S block or such that is surplus. But, hopefully our car shows will get more interesting. That said, having got used to a cash free economy we shall have to find a bank which hasn’t closed. Or perhaps it’s Saturday Swap Shop again

Anyway. One to think about during 2024 if you want to shift a load of tat via eBay. Afraid I know little more than I read on Sky News - ‘side hustle tax’ targets Britons making money online - 2nd Jan 2024

I haven't sold on ebay for a very long time & this is just another reason I never will again.

The tax rules state that you can sell personal possessions without incurring a tax liability, but for anyone (like me) who has to do a tax return each year proving that items sold are "personal possessions" could potentially be a total nightmare.

This is also why I decided to close down the MK1 shop.

I can assure all members that I won't be grassing anyone up to HMRC If they sell through the FOR SALE section of the forum

The last thing I sold on ebay had 15% fees! After that I'd rather sell somewhere else and get more in my pocket

The only advantage of ebay was that once someone decided to buy, the payment came through and you got the address to post to. Selling via facebook or other free online sites can be a lot of effort for not much gain

Its to target those making frequent money re/selling items from going under the radar, its not aimed at people clearing out their sheds once in a while.

Apparently you can sell up to 30 items providing it doesnt go over £1000

I haven’t sold much in the past year on there but won’t be selling anything in the future other than the odd £10-£15 valued item.

Hipwell wrote: ↑Thu Jan 04, 2024 10:19 am Its to target those making frequent money re/selling items from going under the radar, its not aimed at people clearing out their sheds once in a while.

True, but once people go over the £1000 limit, their sales will be tagged & they "may" have to prove whether tax is liable on the sale, or not. As I said for people doing an annual return it could be "tricky" to say the least.

Had to happen some time.. wonder what the HMRC proposed rules are when selling a classic car on these various sites such as C&C ?

Car's are CURRENTLY a bit more straight forward, you can sell up to 12 cars a year, after that you are considered a trader. No arguments.

Ebay is F..G expencive to sell your goodys, the to pay costs are almost 18% from what you sold including P&P.

So no more selling from me on there, over here and Facebook are the best option for me now.

Kees.

Can we all just turn back the clock. Forget the internet ever happened, and barter about our oily bits on the travel rug in front of our mini at a show or two? We can lament the passing of 4 and 5 star leaded petrol, holding our cars together with chicken wire, newspaper and buckets of body filler from Halfords, and laugh about the time Pete buggared a wheel bearing at the National Mini Cooper Day or I brush painted my girlfriends W Hornet farina gray.
Of course, a favourite source of parts was the local breakers yard, where armed with nothing but a lump hammer you could climb up the stack of 3 cars to where the mini rocked around on the top and proceed to wack the part we wanted whilst trying not to fall off. Who needs eBay

https://www.youtube.com/watch?v=VKHFZBUTA4k

I read it that they are to collect the information from now (1st January 2024) and report it to HMRC by January 2025

Beualieeuue is going to be busy this year


https://www.gov.uk/government/publicati ... tion-sheet

Information collected by online marketplaces
For tax, an ‘online marketplace’ is any digital platform (for example a website or mobile phone app) that handles and enables the sale of goods and services from individuals and/or businesses to customers.

From 1 January 2024, digital platforms are required to collect and report seller information and income to HMRC. These digital platforms must report sellers’ income by January 2025.

The changes are an internationally agreed set of rules requiring digital platforms to report certain information to HMRC.

If you sell goods or services on these platforms you will get a copy of this information. You can use this information to check the amount of income and expenses incurred through these platforms, which may be helpful in determining whether tax is due on any profits.

Following on......... this link seems to imply that you can earn up to £6K selling personal possessions as long as you dont make a profit.

Unless the item has been purchased recently and its price is recorded on a statement, its just a personal item that you have owned for a long time, isn`t it ?

https://www.gov.uk/check-additional-income-tax

Ok so my cooper s block that I am selling for £1000 on eBay . How would the inland revenue know that I didn’t purchase it for £1200 and I am actually incurring a loss because I need to raise a few quid for bills . Can I offset this loss on my tax bill ? Seems a lot of scaremongering to me that probably wont happen . I can tell you one thing that is true , this country leads the world in beating itself up … Shirley

You are sort of making the point that I was doing. I can only see this becoming an issue for people who are running an informal business or those who have to do a self assessment return.

Thing is, it's just another layer of Bullshit.

If you do £12,000 on ebay over the next 12 months, I bet you a pound to a piece of sh1t that come Tax Year 23 - 24 you are going to receive a query about this "extra income". It will then be down to you to prove that you sold it all at a loss.

Not a risk I'm prepared to take, thanks.

Another case of clobber the little man while the wealthy continue to use every loophole to avoid paying their dues.

https://www.moneysavingexpert.com/news/ ... pLSYtEG0Ts

Be interesting (?!) to see about this as I’m just over the number of sales, just over the £1000 but under £1700 .

Whatever, that’s me done with eBay apart from buying.

Andrew , looking at that Martin Lewis site .. reading that e-bay reporting to HMRC starts from Monday 1st January 2024 .. so no worry for you

I sell on Ebay and declare it.

I have an accountant who does my books - I can show what I've bought and for how much and also total Ebay sales as it all goes into my bank.

Mind you, Ebay is as flat as a fart at the moment so I hope it picks up.