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- เผยแพร่เมื่อ 12 ม.ค. 2024
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With new laws seemingly putting an end to the flip to build a free collection model. How do you intend on building your collections? Are you going to use CEX more now or will this not have any impact on your collecting?
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I have an amazing independent store in my city and the staff actually clean the cases and resurface the discs and keep the prices fair so pre owned games literally feel brand new!
This may encourage more independent business start ups
Literally would I rather by a game from CEX that's scratched and the case is battered
Or for the same price an independent stores game that's clean, the disc is mint and the case is in plastic cellophane protection
This has always been the law, for years now. It’s just that companies (eBay etc) are now obliged to provide data to HMRC so it will be much tougher to get around it.
came here to say this. Pretty much nothing has changed and if we are doing it to fund a hobby, we are only going to be taxed on any profit, you wont be taxed for selling something you've got proof you paid. Keep your receipts people. Love the videos @TVM but yeah, its not wrong, its the way its always been, the only difference is ebay/vinted etc have to report to HMRC more information.
The government equivalent of patching out an exploit 😂
It's due to drug money being used to buy items and clean money.
All those "sneaker heads" buying trainers using cash is finished
@andrewrowley2867 patching it for us normies. The ultra wealthy have dodged tax for years, is well documented and known, but nothing is done.
Hi. Love the channel, but as a Chartered Accountant there are quite a few inaccuracies in this video. If you have a side hustle it's always the case that profits were taxable. There are no new laws, but the £1k allowance is pretty new. Basically you should pay tax on any of your profits from trading. The key thing here is profits. The original cost of the item and the costs involved in purchasing it (mileage to the car boot, PayPal fees etc) are all deductible. So if you sell something for £100 but the costs of the item are £75, you are paying tax on the £25 difference.
Cash is king. god help us if we live in a digital only currency society
💯. They will force cashless on us in a couple of decades. Taxes will become even more regressive, hurting working class most.
I will move to the states. A country that prides itself on the value you bring and being rewarded for that value. Unlike the UK that already taxes me 50% of my earnings for broken healthcare, expensive trains and pathetic roads.
@@aaronwilson8624th-cam.com/video/yU1dCXcDM04/w-d-xo.htmlsi=hjLnsbB-ZCEnecOo
Unfortunately drug dealers have caused this to happen.
@@Micfri300 no they haven't, tyranny loving Mongs have
I am pretty sure eBay have been doing this for years, as a private everyday seller you had a max limit you could sell upto before you got taxed. I think the limit was £2,3k approx (Dont recall exact figure)
UK
Hundreds of TH-cam content creators keep making videos on
Car Boot Sales
Charity Shops
Private sales
Keep selling retro gaming and hardware for ridiculously low prices.
Hundred of TH-cam content creators keep making videos on
How they purchased cheap games and consoles from said
Car Boot Sales
Charity Shops
Private Sales
At stupidly low prices and then managed too sell them on for FAR MORE MONEY making big profits
Hundreds of TH-cam content creators now make videos on the fact that it is harder too do this now...........
Well people that own and work in charity shops, partake in boot sales and private sales aren't hermits, they do have the internet, and when all you flippers keep making videos bragging about the fact you buy their crap for pence and sell it on for pounds.... Of course they will start doing the same and raise their prices!
If you'd all just shut the hell up about your profits instead of making thousands of videos about it per month between you all, maybe retro gaming and the cost of it wouldn't be so f#####g high! Lol.
I’ve been saying this for years, people keep making videos bragging about what they’ve picked up from charity shops and other places. Then they’re surprised when those shops inflate their prices to match retailers. But they act all shocked.
Yea buying and selling from charity shops was how I got video games snice this flipping became trend/popular due to videos I became unable to get games as its all the same price now
@@Gamegodz76charity shops up there prices when the costs of basic things like electricity gas ect goes up.... Yes they want to sell things as cheap as they can but they still have bills to pay and staff to pay ect
@@Cyrusthevirus233 I’m under no illusion shops put their prices up to pay their bills. But when people/staff have access to channels on you tube they see videos and they communicate amongst themselves. That’s why they put their prices up. Charities get large contributions from the government, but I see their prices increasing due to behaviour of customers forever going in asking for “video games” its not long before they start sticking a few quid extra here and there or use CEX to price up their stock. I mean thats what I’d do.
The key word is “Trading”. Selling your old stuff is apparently fine, but actively “Trading” (e.g buying and selling on a consistent basis) with a profit over £1000 a year is taxable
If you’ve sold over 1k worth of stuff in a year you still have to declare it, but you don’t have to pay tax unless you’ve made over £12500 in profit
I think this is mostly so HMRC can make money off people who sell more than £1,000 as part of a hobby (which isn't much at all in the grand scheme of things) failing to submit their tax returns because they've no idea about this new system. The tricky part in terms of actually taxing it is establishing what a "profit" is for a hobbyist and what deductibles can be used against it; if I make a few pounds selling a game and "reinvest" the profits into another game for my collection, is that taxable income? And can I calculate what area of my flat my games collection takes up and claim a portion of my rent as an expense?
it's definitely going to be difficult to prove what was and wasn't bought with the purpose of flipping for a profit. I think HMRC will do what they want and fine those who look more likely to be making profit on paper. The sad thing is of course, there isn't a lot we can do about it
Is this applicable to all eBay income, or is it just applicable to any profit you may have made.
So if I sold an n64 game for £100 and I brought it for say £70, is the whole £100 applicable to this £1000 cap, or would it be the £30 profit I made that goes towards the £1000 cap?
The £100 goes towards the £1000. As its £1000 in sales you have to declare but you shouldn't pay any tax on it because its personal items your selling. You only pay tax it you buy items to sell on with the intent to make profit on it.
You'll sell it for 100, after fees postage travel expenses which you have to declare in the tax return you'll not pay any tax at all on the £30 profit 😆
Tbh. Its none of the goverments business what's in my collection which tax has been paid for already. Not to mention import tax from the USA or Japan and god knows where that money actually goes. Its discusting.
What is in your collection is irrelevant and of no interest to them. It’s when you sell it and exceed your capital gains allowance that it becomes their business.
I don’t think anything has changed with regards to the rules. The rules have been the same for ages.
Whats changed is the sites like eBay and Vinted etc are now going to be forced to give info automatically.
I think eBay already do this, i have been selling on there for years and you always had a max limit you could sell upto before you had to pay tax, i think it was like £2-3k.
@@SecretOfMonkeyIsland784 don’t think that’s correct.
@@calsmith89 the guy has no clue. For anyone with a brain all they had to do is check the government website and it clearly tells you.
The rules have not changed and as a private seller you are allowed up to £6000 in sales before you pay tax on any profits.
Problem with society now is people hear something and just echo it with out researching.
@@markhammond2859 I hope you are correct, in his defense though i think he says new rules coming in and not existing rules.
@@markhammond2859nah I think you’ve got it wrong also to be honest. That £6000 figure is to do with capital gains tax, and it relates to single items worth over £6000. Any income from selling on eBay etc over £1000 in a year (income not profit) should be reported and you should fill out the self assessment form
In my local CEX, a lot of the items that have monetary value are priced at higher than RRP. I'm sure this is to do with all these trade-ins. People will still buy a used PS5 controller for £75 because it's with credit notes.
It's £1700.
But with multiple emails & multiple seller profiles its impossible to trace the true amount sold.
They’ll look at your bank accounts, easy to trace mate
And do you have multiple bank accounts that eBay pay your sales into too? Face it, you’re gonna have to declare and pay like the rest of us, otherwise HMRC will come a knocking.
multiple emails and multiple seller profiles mean nothing if all the money is going into bank accounts under your name
Just a heads-up, GAME will be no longer doing Pre-owned or trade-ins from mid february! Likely gonna be clearing out stock for cheap so worth keeping an eye out closer to the end of the month
Are you sure? I can't seem to find anything online about it.
So they are going under they can’t make money on just selling new games and consoles only
Really?! That’s stupid of them, can see them going out of business
@@JimBob-vg2og yea they aren't making enough profit to keep selling new stuff, iirc they only make 10% on new items, but make more on used games
@@SlySinatraa Very sure, we've been told to tell customers if they come in go elsewhere so we dont have to shift as much stock.
is the 1,000£ thing for employed people? as self employed / self assessment the income and expenses of trading stuff on ebay is part of the "business" either way.
I know an independent game store which is like an 30 - 35 mins walk. And this is sort of not effect on me becuse I collect PC games and software I would like to collect PC hardware but I don't have enough space for it.
how they will work this out not sure, if i have stuff i bought used then sell shouldnt apply if make more than i paid or not,(this is how used to be an i always state its a hobby) how would you fill tax return out as profit or loss? but we know what will happen, any account goes over the limit will get a letter saying didnt submit a return and get a fine, its a hobby for me allowing me to sell stuff and buy something else, my wife sells our childs old clothes so can use that money to buy more as she grows so in end works out a loss but no way to to be able to keep track of that, Ebay has always had to supply that figure but HMRC but seemed only looked at those making large amounts. (know someone who was prosucuted as was making 30k plus making and selling dolls and that seems fair as didnt work) depends how they deal with this, if are agressive people will stop using these sites and go via cash ways to avoid, car boots will be the place to buy and sell as leave no trace. in reality my opinion is as an economy will suffer money moving around the system is good and the amounts making are trivial as an idividual. it maybe that are millions who have no work footprint and they trying to catch those as they are earning somehow. so see it from both sides. have to see how agressive they police it.
Although i agree with the greed in taxing people selling 2nd hand goods..the only people i see fleecing the public are the game shops selling rare SNES/PS1 'retro games' for £2,500
Government wise, spending £8m a day, without all other associated costs included, on migrant hotels..i mean they need the money from somewhere to fund them..
Absolutely spot on they are Robbing us to fund their stupidity
"They are trying to tax us on the items you already own" This isn't quite correct. You don't need to pay any tax on items you own that you are now selling on. AS LONG AS you didn't buy those items with the sole intension of flipping or making a profit from it. As far as our collections go, if you decide one day to sell up, you don't need to pay tax on that at all, as long as that collection wasn't built up with the intention of making money from it in the first place. Selling off your personal possessions is not taxable.
Ya but that in and of itself is a total and utter contradiction is it not? Like if I buy a product, surely it's immaterial that I never had the actual intention of selling it on yet if I then change my mind and decide to so later on in the future, that could be therefore taxed. Ridiculous.
Although I agree and having read a little more into it, it does seem as though they're only going after those who buy to sell. I find it hard to believe, people who are selling off some of their old things won't get caught up in this. It's going to be a case of proving you didn't buy the things you're selling to make a profit, and how is anyone going to be able to do that. I worry the government will start fining people who really don't deserve it
@@TVMReviews Well said. Love the channel.
There’s one in pontypool not great but does have a few gems, it’s called Del boys
Ah no way, I'll check that out!
@@TVMReviews it’s not well known and quite hidden away I stumbled on it by accident
Capital gains have always existed how is this any different? You obviously pay taxes on profits and doing it under the guise of it being a "side hustle" makes 0 difference. Why should I pay tax on my take home pay doing the exact same thing full time when someone doing it for 2-3k a year alongside a full time job just pockets the full amount tax free?
Sometimes I just remember watching your RTG as a kid for several years
I always have like your attitude 😂
Not to corny some may say boring but I prefer people with a real personality
What about PayPal accounts?
This £1000 allowance is especially for items purchased with the intent to resale for a profit. If you selling items that you used (not for any business use) and owned personally not with the intent to resale for profit then income tax won't be applicable. Capital gains tax on personal possessions may need to be paid when a person makes a "profit" from selling personal possessions for £6,000 or more. That will go down to £3000 next year. If your selling personal item for less than you paid no tax will be due, even if you sold £100k worth, but you may have to prove it if HMRC come calling.
Capital gains tax is on single items of £6k or more.
Do you have a source for it changing to £3k?
@@markhammond2859 £6000 is the total amount in the current financial year, ends on the 31st march. What you can’t do is deduct losses on separate sales. Every sale you make with a profit counts towards your annual exempt amount. If you pay basic rate Income Tax you pay 10% CGT on sales over the exempt amount.
I can't post link here, TH-cam will remove the post, just search capital gains tax allowance 2024/25 and you'll see the £3000 rate on the gov site.
@@markhammond2859it's 3k this tax year and 1.5k next tax year. Source government website
@markhammond2859 the threshold went from 12,300 to 6,000 in April, and will go down to 3000 again next tax year. Google something like 'capital gains threshold reductions'. The multi year reductions were announced in the original budget, and they are not for single items but an entire yearly threshold. Its the same as if you have capital gains on stocks outside of a tax free wrapper (e.g. outside an isa), or crypto (I.e. not profit of > 6k of one crypto, but profit combined on all crypto)
To be fair, enforcing this for something like this is impossible. If you're buying and selling small scale on different websites and in person who's going to check?
Plus if you buy something within the same year, surely you can discount the cost of buying it within the same year as an expense.
youtubers should be fine, they get income from videos so have to declare it to hmrc anyway so they shouldnt be worried, although ive notice a few gaming resellers saying there thinking of leaving youtube soon, bit sus
Ya, I do recall hearing that a lot of people who get donations on here on Twitch via payment places like Paypal... have them go through as a 'gift' to help them avoid tax, even if it means those 'gift' donos are easier to get refunded.
It's tax on profit, so isn't it if you sell a game for more than you paid in the first place. It not profit if you buy a game for 50 pounds and sell for 20.
Same thing with a lottery win. Tax free..... but the system taxes the winner at every turn after.
Cash only conventions set up by local FB groups and other social
Media platforms up and down the country. Similar to conventions to sell your stock this will be a new way forward. They can’t prove anything then, I mean the government doesn’t
know what I have on my inventory.
Conventions is something I didn't even consider. You're absolutely right
You honestly think they will be able to watch everyone and monitor this give over they will target people who sell multiple of the same items
To all the muppets that voted tory this is on you
Actually this is a worldwide agreement on digital platforms to pass information onto tax authorities
@@blabla7752 if thats correct apologies , Tories have only ruined everything else in life
Rubbish take.
This is also happening in eu.
Blame the drug dealers for this law.
@@sambaprinceblaba is correct yes we hate the torys but in reality there's no difference between any of the partys anymore..... Society is going cashless so they can monitor every penny u spend its all about control
I don't think this is going to affect anyone at all lol.
Let's hope you're right
Go to jail for tax evasion? you are crazy enough to deal with CEX but the IRS no thank you.
Can't see the US federal government coming after you to claim UK taxes.
Pretty sure youre not going to be taxed on stuff youve bought yourself and sold at a loss. And that youre only taxed on profit above 1000. Not sales above 1000. Just my understanding
You have to declare your loss via receipts then.
It’s sales (turnover in accounting terms) so as soon as you accumulate £1000 in sales over 12 months, eBay have to pass your details onto HMRC. Who will then look at how much you made in that tax year via your PAYE and if your sales and earnings total over £12500, you can expect a letter in the post telling you that you need to submit a self assessment tax return. If you ignore or fail to do this in the timeframe given, let’s just say you don’t wanna know what happens next.
@@gordon767 so say I've been working for several months part time. I don't earn enoigh to pay tax but as soon as I make enough sales to cross the income tax threshold then I'll be taxed. Regardless or profit and cost of item? Obviously I can't get receipts for every item. From reading all the articles it definitely seems its only profit that's taxable not just sales. As how could they prove what items I'd bought originally at retail and sold later, compared to items I've bought specifically to sell on. Its such a convoluted rule as will I have to declare if I've sold a 400 pound retail item for 150 a few later? Makes little sense
@@dwarvenbatman if you haven’t made enough via your PAYE job, then what they do is add the total pre-tax earnings from PAYE, and the total sales eBay submit to them. If that total is over 12500 (your own personal tax allowance) then HMRC will contact you. All you have to do is submit a self-assessment form online and it works out if you owe any tax. But in order to prove something you sold wasn’t bought for the intention of making profit, and that you made a loss on that sale, receipts or a bank transaction would need to be shown and marked as personal use.
@@gordon767 I've filled in the self assessment I don't think I've earned enough to this point to pay tax, but by April I will have. I get about 500 per month from work and have been getting around 3-400 a month from ebay since April. Its got me worried this
is the uk out of funding or what?
if it was over 10.000 iwhoud have understand because then u making a living from the prfoits 1000 nah.
We already have 12570 of personal tax allowance. Use that as well as the 1k enterprise allowance. Just have to do a self assessment if you are using more than 1k which has been in place for years
@@blabla7752 wait what is the 12570 personal tax can u explain this to a dutch person.
@@TheColehabo In the UK we have a personal tax allowance which is currently 12570, everything after that amount we pay tax on. We on top of this have a enterprise allowance of 1000. Other allowances are capital gains, inheritance and ISAs. So we have plenty of allowances.
Ai art of rishi sunak
TVM labour support confirmed
Labour will tax even more.
Vote reform
@@Micfri300vote all u want makes no difference there fixed anyway
AS if we dont already pay enough bloody tax as it is... Keep in mind the amount of different taxes we have here in britain is ridiculous compared to other countries. Why are we even putting up with it?
And, you’ve been ruled by a kingdom for most its existence, is that fair too?, no
Here my question. How is HMRC going to check every CEX account in the country for cash. Its not gonna happen. Plus the GDPR headache, the government would have to go through would be a nightmare. I just don't see it personally.
More for those who earn consistently online, I think. Yes.
They won't check every cex account they will just monitor people's banks that's why we are going crappy cashless
Start a new series on filling in tax returns.
Thats wrong. If you own it and you sell your own item. Ie you bought it for £10 and sell it for £10 you have not made a profit. Therfore you didnt sell for profit. So you could sell 10,000 worth of goods with zero tax as long as you make no profit on your items you own. This goes for all items you own. Though i do worry about selling a car.
you own nothing and you are happy. look at this sentence on the internet
Or put your profits into an isa
I hate this, absolutely hate it.
I love it, makes things more fair and adds to the challenge.
@@blabla7752if u think that your nuts
“From the Sex Pistols God save the King No future for you
Your channel has lost abit of its spark for CEX credit
99% of people will just ignore this
You are heading to former Argentina, before Milei...fuck populism
Resellers being hit brings a small smile to my face... maybe ask for 20p for a game now to cover the tax 😅
its nothing new and stop saying its free its not free!
You said "when it comes to this rule it is going to make it a lot hard to utilise eBay for buying and selling to build a collection" 9:37
You still have a trading allowance of £1,000 so you can continue to use eBay for this type of business if you stay below the threshold and you won't have to pay any extra tax. The allowance is annual too so it resets every financial year.
Yeah, you're 100% correct. The issue will be for those who flip collections (or higher priced items) or start selling part of their collections. Proving what was and wasn't bought with the intention to flip etc Turnover will add up very quickly
Communists for ya
It’s bullshit mate this is why cash and crypto is king
Crypto is crappo
@@JimBob-vg2og you seem well informed 🤥
CEX and Car Boots will also have to submit details of all traders who sell at their establishments if they want to comply by the law. If they don’t then they can expect a wee date in court
You have to pay capital gains tax on crypto gains though, they're not exempt.
@@addsimpson1 only if your profit is above the threshold it’s like 9 grand
As NWA once famously said, Fuck The Police.
The police dont set tax policy
Tax office.
This is such a welcome law. I’ve been having to pay my taxes for selling on eBay for 4 years on a business account, and I know you’ve been buying with the intent of selling it on eBay, as I called you out on it in the past. I said you should not be continuing to have a private eBay account as you’d be caught, and looks like the government has listened to our requests and are now coming for you and everyone else who has been doing this.
And CEX is one of the companies who will have to declare customers who trade in for cash or credit (as credit is basically the same as cash as you will still have to spend it in their store) so you’re basically screwed there too.
Your days of avoiding paying tax are over son, and it’s about damn time.
Selfish take. All this law does is penalise the people who are using sites like eBay in a genuine way. Now they’re treated the same way as a flipper/ scalper. Not everyone is out to exploit you know.
@@gazb0075 as long as you’ve got receipts to backup the claim that the items your selling are yours and not bought for the purposes of making a profit on it then you’ll be fine. In QuickBooks, you like it to your bank account and it brings in every transaction. You just upload each receipt to its matching transaction and mark it as personal. If they can see you sold it at a loss, then you don’t get taxed on it.
I agree with original poster but not a great way of putting it out there. You are in the UK supposed to declare enterprise/property income if over 1k. But in principle if it's over this amount, it is a business. It depends on amounts of what people feel is a side hustle or business. But I think the rules are fair and has actually been in place for years. It's just online services have to provide to tax authorities when an account hit's a limit. I've actually been keeping my gross of my side hustle under 1k for this rule, nevermind because HMRC will now have the information
@@blabla7752 I have never sold anything online. For example a PS4 game, if one is sold in a week, nothing to worry about, but if it is five a week, but not possible for anybody on unemployment benefit.
£14 for a game, so less than £70 a week if it is consistent.
Mate shut up.
How about you actually buy games out of your own money like everyone else has to, rather than trying to rip people and charities off taking good for peanuts to flip. It's completely scummy and I'm so glad you lot are struggling to get away with this now.