The Ebay And Vinted Tax Triggers According To Martin Lewis
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- čas přidán 5. 01. 2024
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Do you know Jesus Christ can set you free from sins and save you from hell today
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There is no security or hope with out Jesus Christ in this world come and repent of all sins today
Today is the day of salvation come to the loving savior Today repent and do not go to hell
Come to Jesus Christ today
Jesus Christ is only way to heaven
Repent and follow him today seek his heart Jesus Christ can fill the emptiness he can fill the void
Heaven and hell is real cone to the loving savior today
Today is the day of salvation tomorrow might be to late come to the loving savior today
Romans 6.23
For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.
John 3:16-21
16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. 17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved. 18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God. 19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil. 20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved. 21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
Mark 1.15
15 And saying, The time is fulfilled, and the kingdom of God is at hand: repent ye, and believe the gospel.
2 Peter 3:9
The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance.
Hebrews 11:6
6 But without faith it is impossible to please him: for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him.
Jesus
How else would they fund the war?
Above my pay grade that
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....
Until clear information is out there it’s so unclear surely they can’t be expecting us to keep receipts for absolutely everything incase we sell it seems mad . And what about platform is it 30 per platform or all together
Blimey that's a valid point too. I didn't think of that 😱
@@pensivepensioner1244 surely be issues if platform talk to each other it would never happen
Yes folks you will all be taking perfectly good useable items to land fill sorry I mean the council tip . Not very green or good for the environment. 30 items a month , that's 2 1/2 items a month you can list .😂😢😢😂
@@garywade1938charity shops will suffer cos resellers will quit. Limit needs increasing. Most will go back into the economy anyway. Black economies keep economies buoyant. They're needed.
It's a bad time for collectors and I can see lots of new boot sales opening and online sales dropping 😊
boot sales this year will be thriving you have hit the nail with a hammer there
@NikosMarko doubt it because people go to boot sales wanting to spend hardly any money, thats why alot gave up selling on them.
@@marklola12 let's hope that changes. Maybe it will. Maybe this will be the catalyst. Cos for sure there must be thousands who are not going to want to sell on eBay and dependent on their "side hustles" just to make ends meet. I think resellers will quit in droves, this will massively affect charity shops. Poverty will increase
.
Do you know Jesus Christ can set you free from sins and save you from hell today
Jesus Christ is the only hope in this world no other gods will lead you to heaven
There is no security or hope with out Jesus Christ in this world come and repent of all sins today
Today is the day of salvation come to the loving savior Today repent and do not go to hell
Come to Jesus Christ today
Jesus Christ is only way to heaven
Repent and follow him today seek his heart Jesus Christ can fill the emptiness he can fill the void
Heaven and hell is real cone to the loving savior today
Today is the day of salvation tomorrow might be to late come to the loving savior today
Romans 6.23
For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.
John 3:16-21
16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. 17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved. 18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God. 19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil. 20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved. 21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.
Mark 1.15
15 And saying, The time is fulfilled, and the kingdom of God is at hand: repent ye, and believe the gospel.
2 Peter 3:9
The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance.
Hebrews 11:6
6 But without faith it is impossible to please him: for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him.
Jesus
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.
seems to be the case that yes information is shared with hmrc at 30 sales but i am hoping or what i have been reading is they will be using AI to identify if trading activity or just clearing the loft space etc . Would be madness keeping receipts for everything we bought incase we sale it one day
Since you did not buy in order to sell that is personal stuff so there is no limit to that. If HMRC contact you tell them what you said above and they should understand. They are not after you, they are after dodgy sellers that buy new stuff, sell it on, and make a big profit, but pay nothing to HMRC (like real businesses do).
@@NikosMarkoYou should not have to declare anything to HMRC from a private sale ? So what you are saying is that if I sell my car then the HMRC have a right to know this and should be informed ? Or does it only apply if I sell it online ? What if I sell it to a bloke in the street ?
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.
Okay, so what about my scenario I have a full-time job as a manager and me and my lady are doing IVF which has cost us 28,000 I have sold all of my old collections of everything totalling to around 25,000 over the last year I did not purchase anything to make a profit. I am selling my stuff to get money to pay for my IVF? Help. Lol
That is exactly what I was saying on the second half of the video sold my Star Wars helmets to free money up would it count towards the £1700 it’s so unclear then also that send it to the hmrc does hmrc review it as case by case or blanket response
@@NikosMarko do I contact them first or wait for a fine I don’t know what the correct information should be. I’m a little bit worried to be fair
What if your still employed and also sell your stuff could you sell 6k that isn’t taxable?
@@DEVASTATION26 do not contact them at any cost, they have to prove that you made a profit on your items. No profit no tax.
Would I be correct in saying this rule. 30 or more sales, and 1000 limit. Only starts. April this year to April next year. Is that the period that will be checked and be up for question... Also does this tax for over 1000 worth of sales only apply to people with more than 6000 in savings... I hope you can help.
at 30 or more sales or 1700 sales then the data is shared with hmrc , this doesnt automatically mean that you will be taxed as it might not be trading it might be just you clearing the loft etc . data shared from 1st of january so it will be taken into account if a trader for the self assement at the end of this financial year ( if a trader and filling for self assessmnet ) hope this helps
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
It will be part of April 2023 to April 2024 financial year . Again the sharing of data doesn’t automatically mean that you will be taxed
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.
I was in a similar situation myself when started with self assement . Think I requested it on September of the year I was doing it and my self assessment had to be done not the January coming but the January after it along with the payment . I would recommend seeking an accountant if you are planning to do it long term for me it’s been a game changer and did eventually lead to me leaving my teaching job and running my business full time
@@NikosMarko Thank you.
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.
Will they be taking into account selling fees that also include VAT
Should be revenue so I assume so yes . The thing is they will also be checking trading activity so for people that are using eBay just to clear their stuff it’s not going to affect them
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?
Still no answer to this question.
I think it will start 1st Jan 2024 because you have to notify HMRC about capital gains 60days after making it. So no clue how you could notify them about what you made last year as it would be way more than 60days
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.
They will 100% looking for trading patterns it wont be straight away 1700 revenue oh lets tax them
As a side hustle, I buy sell small value items, although my gross was 4k my net is only £800 for the year after all expenses, is it worth it then, The 1K ruling is for the gross ? not the net ? what are the deduction for use of home etc. if you pay a accountants as well there wont be much left
From the video it appears to be £1k in sales. you should be declaring your income and expense from sales on a tax return anyway if doing this for a business or self employment. If you have an accountant then you should know this right ?
I seldom sell anything on ebay and i work paye but I've got some personal stuff to sell as i need the cash and it equates to around £1300 far less than what i paid. does this mean i would exceed the limit?
Nope if personal stuff will be good data may be shared but that doesn’t mean you will be liable for tax as you aren’t a trader
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*
Over £1000 profit as a sole trader you need to do your self assement to declare the extra income . At £1700 selling on a platform the data gets shared with hmrc but that doesn’t mean you will be taxed as it might be second hand goods
My main hobby is trading cards. I don't buy to keep a stock to sell for profit, but I do use cash as a 'middle-man' to get rid of cards I don't want and get cards I do. So my total money either stays the same or bleeds away into postage fees etc, but would I still have to declare and pay tax on what I do sell? Would this come under the personal items deal? Probably not as I often don't hold stuff for more than a few months. Would you suggest registering as a sole trader and declaring everything just to be safe?
Think a call with an accountant might be something you need to clarify it . From what I have been reading the information yes does passes at £1700 revenue or 30 transactions but then it’s a case of are you trading or not . So plenty of people will have their data shared but hmrc won’t action anything as they aren’t traders they are just selling stuff they had
Did you have any luck finding out any more info
@@BlackStarUK85 as far as I can tell if you aren't buying stuff purely to sell its fine, falls under chattels and wasting assets
But id probably second the advice to contact a financial advisor if you're concerned
Hi there I have another question for you... If I sold lets say 2000 pounds worth of second hand goods.. And I kept that money in my Vinted balance just to spend back on Vinted.. Would I avoid all these rules.. Many thanks Marie.
information will be shared to hmrc as over 1700 in sales but it wont me you will automatically get taxed
If these are private sales of goods that you own then no. if the goods that you have purchased to resell for profit then you should be declaring this on your tax return anyway.
when did ebay send out a message about this
what was the date they sent a message out
I got one a week ago
Thank you for the clear explanation. My question would be: If I started selling in December and already sold 67 items with transactions in the selling hub amounting to almost 3000. I only started with stuff I had and now buy stock, so I am a trader and I'd like to keep going. I have a full time job already, so what should be the next steps for someone in my position to avoid awful surprises down the line? How long do I have before declaring, and how do I actually show the costs against the 3000 ( I'm still below the 1000). Thank you!
did you ever get this figured out?
@jordandoesmx9862 hi, no reply.
I realised I haven't met the threshold as I was off work for a while and calculated how much I owed. Here's the formula I used with my monthly paycheck and the monthly sales data in seller hub:
Formula
Calculate Total Income:
Total Income
=
Employment Income
+
Side Hustle Income
−
Trading Allowance (if applicable)
Total Income=Employment Income+Side Hustle Income−Trading Allowance (if applicable)
Determine Taxable Income:
Taxable Income
=
Total Income
−
Personal Allowance
Taxable Income=Total Income−Personal Allowance
Apply Tax Rates:
Tax Owed
=
(
Taxable Income within Basic Rate
×
20
%
)
+
(
Taxable Income within Higher Rate
×
40
%
)
+
(
Taxable Income within Additional Rate
×
45
%
)
Tax Owed=(Taxable Income within Basic Rate×20%)+(Taxable Income within Higher Rate×40%)+(Taxable Income within Additional Rate×45%)
Example Steps
Total Income:
Employment Income: £13,000
Side Hustle Income: £2,000
Trading Allowance: £1,000
Total Income
=
13,000
+
(
2,000
−
1,000
)
=
14,000
Total Income=13,000+(2,000−1,000)=14,000
Taxable Income:
Personal Allowance: £12,570
Taxable Income
=
14,000
−
12,570
=
1,430
Taxable Income=14,000−12,570=1,430
Tax Owed:
Taxable Income within Basic Rate: £1,430
Basic Rate Tax: 20%
Tax Owed
=
1,430
×
0.20
=
286
Tax Owed=1,430×0.20=286
So, the person owes £286 in tax.
Summary
Calculate total income.
Subtract personal allowance.
Apply the 20% basic rate to the remaining taxable income.
Example:
Employment Income: £13,000
Side Hustle Income: £2,000
Taxable Income: £14,000 - £12,570 = £1,430
Tax Owed: £1,430 * 20% = £286
A second or third hand book SHOULD NOT BE SUBJECT TO TAX. There's simply no justification for it. What next? Air tax?
It’s coming hahaha . But we will be good with second hand books but definitely has scared people from listing for sure
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
This is where my accountant wrongly advised me. I changed to a business account naturally, but I just don't think it was necessary, so long as I'm still paying tax.
Hi quick questions im married so does that mean i have to share the £1000 allowance or do we each get £1000 allowance? Thanks so confused cant find answer any where
The £1000 profit should be per person
@NikosMarko thankyou verymuch so for example, I sold some stuff on vinted, came up to £800 sales balance, and my wife sold on her vinted £600 worth of stuff l. Would we need to declare to tax?
@@mohammedrashid2668 it up to you the self assessment and profit or speak to an accountant about it . if from same account information will be send to hmrc t 1700 in sales and again this doesnt mean that you will get taxed
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
with you 100% the information will be passed to hmrc but as you arent showing a trader activity they shouldnt contact you etc
@NikosMarko I know people are panicking for nothing they are just scaremongering haven't got the man power
Fan game.. every time he says "actually" take a sip of vodka.
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
What if you sell more than 30 items but you still made less than £1000 gross profit, what then?
Even if you sell 30 items of personal use doesn’t mean you will get taxed on them it just means that the platform will share the data to hmrc
@@NikosMarko I am listed as a personal seller as I am just a one-man team just reselling items, I have sold around 96 items and gross profit around £931 but actual profit £513 (after ebay fees ad, and product cost) and donated some to charity, will I be taxed? And how do i show them how much i spent on items, i just saved up pocket money and bought them by transferring money from my different bank accounts.
@@SaveMyExams-fq1ej if you are buying to sell for profit then should really be declaring as self employed for hmrc as you mentioned its reselling . think a conversation with a qualified accountant needs to be had
Is it £1000 profit or just total sales?
its total says including postage
I have a large collection of vintage Star Wars that I've owned for year's. Paid for by my taxed money. If I decided ti sell 80 items from my private collection, would I need to pay tax. My collection is worth £20,000 plus. Thats what ive paid over the years. If i can't sell and get my money back, then they're worthless.
It’s so weird tbh a lot of it does depends on yourself ie did you think when buying them they would appreciate in value and hence you selling or just selling as times are hard and it’s personal item . For me it reads as no you shouldn’t get taxed on that but as such a large amount I would speak to an accountant
According to hmrc they have no clue about this they don’t know why sellers are speculating about paying tax
Do you have a source?
Is this quote to quote statement from them ?
Yes go on their actual website google it
@@NikosMarkoyea go on their website they’re not taxing sellers
I find that difficult to believe considering the press coverage
Can I now offset my phone, laptop, electricity, wifi, heating to keep me warm whilst I work to cover these profits made on ebay?
if you are a trader wifi , laptop ,phone are tax deductible same for limited . electricity and heating is a no i believe
Cost hmrc more to track it down
They will get robots like nhs hahha
Won't be a problem for most sellers that try selling things for less than £5 😭
Personal items and it makes zero difference if its from a private collection or not you get £6k allowance a year
So if you sell a collect of private items for £10k you need to pay tax on the £4 you went over....and any more sales you instantly pay tax as you already went over the £6k allowance
Tax is voluntary.
i mean VAT isnt for sure hahah
that depends if you are registered and if you operate a private trust.
Then there is the claim of security from Etsy if they do not pay tax on the fees they have collected for VAT processing as opposed to allowing you to take care of your own vat which they dont but not everyone has to charge vat.@@NikosMarko
Sell it at the car boot
👍
Stop saying actually! I can't watch any more. Try counting the 'actually s' in here. It must be a record, actually.
Not even funny I don’t know when I started this tick but for the last two three years it’s been there once people hear it that’s it it’s done . Need to do better with it