The government taxing me for selling my old record collection Thousands of dingy pirates getting free housing and food Something is seriously fucked up here
That really is shocking. The government here made ebay and Amazon add 10% GST (like your VAT) to the purchase price if the item was international (not local) about 4 years ago. And I THINK a "business seller" on ebay - the kind that sell thousands - already have to deal with tax. But thankfully as a small fry seller we don't have any of this nonsense yet. You are right, it will result in the bargains vanishing and the items all being worth bothering with a 20% VAT. How many times can the one item be taxed? It will need a stamp card soon - tenth taxing is on the house!
It really will affect eBay in the country. It definitely will end up being hard to get a simple cheap CD unless it's a business seller and they might only cater for mainstream tastes.
Tbf it's always been if you make more than £1000 as a side hustle, they need to take costs into account anyway. I've a feeling they'll give up on most anyway as there will be no proof of buying to sell for profit, which is their target. They don't have enough staff as it is, so they'll only really chase those with sales in excess of the £12.5k personal allowance I would think.
update on my last post, i paid for an accountant and he took over the tax problem and it took him about four weeks to get it all sorted out and i received a letter from the HMRC telling me i did not owe any tax for any of the years because my accountant explained i was acting as an agent for both charities, also got proof from said charities that all money went to them. i had about 6 months of hell with the HMRC but once the accountant took over i can now breathe easy again.
The HMRC have said they are not interested in ''Dave'' selling things he has found in his attic. They are only interested in people buying and then selling for a profit. They say this is a business and I suppose it is. But there is a vast difference between a business and the layman trying to claw a few extra quid to get by. But who knows. That all said I can't see how this will work. It relies on people declaring and for you to be the unlucky one picked out at random for a check. We're talking millions of additional ''accounts'' on the HMRC database. How will they be able to deal with that?
Its impossible. Just on eBay alone there are hundreds of thousands of people making a few quid, not add Etsy, Vinted and all the others and that is easily over a million additional HMRC accounts. You may get a letter asking you to register but unless you are one of the unlucky ones who are randomly selected, it's an impossibly large task for the Inland Revenue. I think in a year or two we'll see this has made ''the problem'' HMRC has even bigger. @@steveblack-wu7mt
These days as you say you pay tax on your income and on things you buy but these days people sell items online or in pawn shops some donate to charity shops. Is it fair to pay tax every time the item is sold? I for one will not be on ebay again until all of this is sorted out as I usually buy low cost single items and it seems that this will no longer be cost effective for sellers.
This law is to boost sales of properly registered businesses. For example you will now sell your old valuable items to cash converters, cex, mpb etc because why wouldn't you ? it won't be worth the headache putting it on ebay.
I dont get this, I keep reading different Figures (UK) £1,000 or (eBay says £1,740 limit ???) No one anywhere seems to know ? some say £1,000 others £1,740 ( Other places say £1,700 ) ..I wish someone could say *Definitively*
I don't expect most people will get impacted. They will clamp down on real traders rather than people selling off part of their record collection. Theres a lot of reaction to this now but it'll die down, hmrc don't have the resource to chase every individual user.
@@metalmickey I mean the amount of time, cost and resource to chase down individuals for a few quid isn't going to happen. There are caveats if you sell for less than you bought its exempt, how are they going to prove that? I think only the big money sellers will really be impacted and they should have already been declaring their earnings. 🤞It won't be a big thing.
Great how the world gets sh1ter and sh1ter each passing year. Can't enjoy a simple Sunday drive anymore or even sell anything without the retrocessions to your wallet. I did have a big stack of tshirts i was going to chuck on Vinted and Ebay but may wait now. Cheers for the tip off chief, loving the compo look!
Here's what i don't get and can't understand how this is lawful... Businesses only pay tax on profits. If i buy a bunch of stuff for £5k, and then sell it all on ebay for £4k i've lost money. So why am i getting taxed on that when i've made a loss? If a registered business makes a loss they don't pay tax. Also, i paid VAT when i brought the items in the first place. A registered business doesn't pay VAT on their purchases. I don't see how this can be lawful. What if i create and register a business and buy all of my clothes and gadgets through that business. And i then sell those items at a loss on ebay if i ever do decide to sell them. Would i have to pay tax on that? I don't think so because i've made a loss and a business only pays tax on profits.
i have been selling donated items for two charities on ebay and both charities get all the money any item sold for after the Ebay fees, ive explained this to HMRC but looks like i will now be left with the tax bill!! i wont be doing any more good deeds. when i was talking to HMRC on the phone i was told " oh dont think you will need to do a self assessment if its for charity or personal belongings"
If you are just selling unwanted items that you own, or items that you have lying around your house, loft, or garage at or below what you originally paid for then you should not have to pay any tax, over 30 sales or above £1000.00 your details may be passed to HMRC but they are not interested in a private individuals selling their own possessions If you are actively going out to charity shops to buy goods with the sole purpose of reselling those items for profit then you are trading and as such you will be liable to pay tax on any profit that you make.
Wow you’ve really misunderstood this whole subject and the video is full of incorrect information. There is no “30 item sale limit” that’s just the threshold (or £1700 in sales) before information gets shared with HMRC. You can still however many personal items from your loft you like and no tax would be due. If HMRC came knocking you would just have to demonstrate they were personal and that you were not trading. There are NO new tax rules. If you’ve been buying items to resell online for profit then this is a business and income tax has always been due on profit (over personal allowances) This has always been the case. Yes a lot of people have been getting away without declaring this income but now the new reporting rules will make it a bit harder
I never said anything about new tax rules. And when I said there's a limit of 30 I mean there's a limit of 30 where you won't have to pay if it's below the value threshold.
The fees buyers and seller are getting now are out of control. The discog fees are bad enough now that I have very little interest of shopping there now.
The tax law hasn't actually changed. If you are making profit then it should ALREADY be declared on your self assessment tax form as unearned income. Government are simply clamping down on traders abusing the system.
Thing is people think this is a country that is governed by the people, it isn't, I can't remember bringing this LAW into effect, who brought this LAW into effect...????? And don't forget tax on your taxed money when you die, little morbid i agree, but why should tax be taken out of ALREADY taxed money when left as a gift..??
The only thing in this video that you got right was that you aren't an expert. lol Do your research if you earn cash online through YT or ebay etc 1/1/24 was a warning, go legit or stop. The consequences of them digging into your past online earnings if you now get flagged won't end well. A worse thing than paying your yearly tax is having to pay tax for the last few years you thought you'd got away with. I know this from experience lol
Start smashing the loss button when you complete your self assessment forms, if you are selling stuff at a loss compared to what it owes you then you can legitimately deduct it from your taxes. If I sell something on ebay and it cost me more than I have sold it for then I have made a loss on it and that will be reflected in any yearly earnings. It just means more people will complete the same outside of ebay and take cash on collection only
It’s a sad thing that we are taxed repeatedly in whatever moves we make in life nowadays isn’t it! Bring back good old trading I say!🤘🏻
Car boot sales will start to take off again I think.
The government taxing me for selling my old record collection
Thousands of dingy pirates getting free housing and food
Something is seriously fucked up here
Agreed
This is one of the reasons we should be keeping cash . Uk Gov is dictatorship
Im surprised its taken the government this long to start screwing sellers on ebay etc.
ebay profits about to tank
I'm so sick of them fleecing us. If I sell my junk why I got to pay more tax on items already taxed
That really is shocking. The government here made ebay and Amazon add 10% GST (like your VAT) to the purchase price if the item was international (not local) about 4 years ago. And I THINK a "business seller" on ebay - the kind that sell thousands - already have to deal with tax. But thankfully as a small fry seller we don't have any of this nonsense yet. You are right, it will result in the bargains vanishing and the items all being worth bothering with a 20% VAT. How many times can the one item be taxed? It will need a stamp card soon - tenth taxing is on the house!
It really will affect eBay in the country. It definitely will end up being hard to get a simple cheap CD unless it's a business seller and they might only cater for mainstream tastes.
Tbf it's always been if you make more than £1000 as a side hustle, they need to take costs into account anyway. I've a feeling they'll give up on most anyway as there will be no proof of buying to sell for profit, which is their target. They don't have enough staff as it is, so they'll only really chase those with sales in excess of the £12.5k personal allowance I would think.
Do you only get 30 farts per year before you are hit with a methane tax?
Its disgusting yet all these rich folk and corporations do not pay much tax so we are having to make up the shortfall. YUK
Yeah I know. How can that happen it's a joke
Is the total earns up to £1000 or 30 sales from January to Dec or April to March (tax year) ?
I think it's January to Dec. That's how I'm reacting to it anyways.
wow, I had no idea about this. Thanks for the heads up mate.
This started January 2023 over here, I told you... I can tell you why that is but not here in the comments.
I'll expect an email from you 🤘
update on my last post, i paid for an accountant and he took over the tax problem and it took him about four weeks to get it all sorted out and i received a letter from the HMRC telling me i did not owe any tax for any of the years because my accountant explained i was acting as an agent for both charities, also got proof from said charities that all money went to them. i had about 6 months of hell with the HMRC but once the accountant took over i can now breathe easy again.
Sounds like a nightmare mate. Im not selling much myself but for those who are it's a pain
"appalling". apt word.
If your yearly income is less than the basic tax threshold, the government CANNOT charge you 20% tax.
The HMRC have said they are not interested in ''Dave'' selling things he has found in his attic. They are only interested in people buying and then selling for a profit. They say this is a business and I suppose it is. But there is a vast difference between a business and the layman trying to claw a few extra quid to get by. But who knows. That all said I can't see how this will work. It relies on people declaring and for you to be the unlucky one picked out at random for a check. We're talking millions of additional ''accounts'' on the HMRC database. How will they be able to deal with that?
Yer don't believe that there coming for everyone
Its impossible. Just on eBay alone there are hundreds of thousands of people making a few quid, not add Etsy, Vinted and all the others and that is easily over a million additional HMRC accounts. You may get a letter asking you to register but unless you are one of the unlucky ones who are randomly selected, it's an impossibly large task for the Inland Revenue. I think in a year or two we'll see this has made ''the problem'' HMRC has even bigger. @@steveblack-wu7mt
A.I systems already here... It won't be a person...
@@PeculiarFinds Agreed, but a real person will have to deal with any over sight or objections.
A.I systems will put flagged case files on the desk of a HMRC tax agent every morning and he will work through them.
These days as you say you pay tax on your income and on things you buy but these days people sell items online or in pawn shops some donate to charity shops. Is it fair to pay tax every time the item is sold?
I for one will not be on ebay again until all of this is sorted out as I usually buy low cost single items and it seems that this will no longer be cost effective for sellers.
I'll be moving away from it myself I think.
Does this apply to vehicles with a value more than £1000?
It's a good question and one I've been wanting to find out. Not sure. Surely not
I’m just going to use swaps, use the old barter system. I’ll get something I want and someone else will get something they can use.
If you're trading on eBay, not personal items. Blackbelt barrister did a video on it.
Cheers
Thanks, I'll check that out...
Since the start of the year ive sold 11 items totalling £190
Won't matter to a moneybags such as yourself 😂
This law is to boost sales of properly registered businesses. For example you will now sell your old valuable items to cash converters, cex, mpb etc because why wouldn't you ? it won't be worth the headache putting it on ebay.
Carboot renaissance? Carboots we’re so good in the 90’s and early 2000’s
Yeah I have fond memories of some small Sunday victories especially with Super Nintendo 😊
Cashless society you won't get away with anything.
I dont get this, I keep reading different Figures (UK) £1,000 or (eBay says £1,740 limit ???) No one anywhere seems to know ? some say £1,000 others £1,740 ( Other places say £1,700 ) ..I wish someone could say *Definitively*
If you buy a second hand cd are the government going to give any royalties to the artists? Seems like they want the clothes off you back these days.
if this is what's happening then car boots are going to make a come back
Until it's cashless . Nobody's questioning why there's no kings money out . Then recall all the Queens
I don't expect most people will get impacted. They will clamp down on real traders rather than people selling off part of their record collection. Theres a lot of reaction to this now but it'll die down, hmrc don't have the resource to chase every individual user.
I think youll see more people selling on unregulated Facebook groups or similar and getting ripped off as a result.
They aren't chasing anyone down. eBay has to declare it. It will absolutely happen 💯
@@metalmickey I mean the amount of time, cost and resource to chase down individuals for a few quid isn't going to happen. There are caveats if you sell for less than you bought its exempt, how are they going to prove that? I think only the big money sellers will really be impacted and they should have already been declaring their earnings. 🤞It won't be a big thing.
It's all online, so they just bill you @@metalmogul
Great how the world gets sh1ter and sh1ter each passing year. Can't enjoy a simple Sunday drive anymore or even sell anything without the retrocessions to your wallet. I did have a big stack of tshirts i was going to chuck on Vinted and Ebay but may wait now. Cheers for the tip off chief, loving the compo look!
I'll throw a cabbage from my allotment at you 😂
It’s crap. Does it apply to charities who have cut down on transactions
Good point.
Here's what i don't get and can't understand how this is lawful...
Businesses only pay tax on profits. If i buy a bunch of stuff for £5k, and then sell it all on ebay for £4k i've lost money. So why am i getting taxed on that when i've made a loss? If a registered business makes a loss they don't pay tax.
Also, i paid VAT when i brought the items in the first place. A registered business doesn't pay VAT on their purchases.
I don't see how this can be lawful.
What if i create and register a business and buy all of my clothes and gadgets through that business. And i then sell those items at a loss on ebay if i ever do decide to sell them. Would i have to pay tax on that? I don't think so because i've made a loss and a business only pays tax on profits.
Good point. I hope it doesn't end up being the problem it seems like it will be
i have been selling donated items for two charities on ebay and both charities get all the money any item sold for after the Ebay fees, ive explained this to HMRC but looks like i will now be left with the tax bill!! i wont be doing any more good deeds. when i was talking to HMRC on the phone i was told " oh dont think you will need to do a self assessment if its for charity or personal belongings"
If you are just selling unwanted items that you own, or items that you have lying around your house, loft, or garage at or below what you originally paid for then you should not have to pay any tax, over 30 sales or above £1000.00 your details may be passed to HMRC but they are not interested in a private individuals selling their own possessions
If you are actively going out to charity shops to buy goods with the sole purpose of reselling those items for profit then you are trading and as such you will be liable to pay tax on any profit that you make.
They say it but in reality if the digital id and cashless does happen there just take it from your account
Wow you’ve really misunderstood this whole subject and the video is full of incorrect information. There is no “30 item sale limit” that’s just the threshold (or £1700 in sales) before information gets shared with HMRC. You can still however many personal items from your loft you like and no tax would be due. If HMRC came knocking you would just have to demonstrate they were personal and that you were not trading.
There are NO new tax rules. If you’ve been buying items to resell online for profit then this is a business and income tax has always been due on profit (over personal allowances) This has always been the case. Yes a lot of people have been getting away without declaring this income but now the new reporting rules will make it a bit harder
I never said anything about new tax rules. And when I said there's a limit of 30 I mean there's a limit of 30 where you won't have to pay if it's below the value threshold.
You wait till you have to add your national insurance number in eBay . Then there tax you directly . The new one world cbdc banking system
The fees buyers and seller are getting now are out of control. The discog fees are bad enough now that I have very little interest of shopping there now.
I'm the same it's not cheap these days
The tax law hasn't actually changed. If you are making profit then it should ALREADY be declared on your self assessment tax form as unearned income. Government are simply clamping down on traders abusing the system.
The 30 sale limit is new surely
I closed my eBay account last week. They had crappy policies before but this is a joke.
As annoying as this is I don't believe it's eBay's doing.
That’s bullshit. I’m not shocked in the least here Mike, I think blind buys are gonna take a dramatic drop. Like Marc said bring back the trading days
Yeah they will. I'm not a blind buyer since the 90s. Too many bad experiences.
Hold on a god dam second. Ive already paid tax
I know it's absolutely mental isn't it 😢
Thing is people think this is a country that is governed by the people, it isn't, I can't remember bringing this LAW into effect, who brought this LAW into effect...?????
And don't forget tax on your taxed money when you die, little morbid i agree, but why should tax be taken out of ALREADY taxed money when left as a gift..??
The only thing in this video that you got right was that you aren't an expert. lol
Do your research if you earn cash online through YT or ebay etc
1/1/24 was a warning, go legit or stop. The consequences of them digging into your past online earnings if you now get flagged won't end well.
A worse thing than paying your yearly tax is having to pay tax for the last few years you thought you'd got away with. I know this from experience lol
If you have a successful business on ebay you should pay tax I have to
Start smashing the loss button when you complete your self assessment forms, if you are selling stuff at a loss compared to what it owes you then you can legitimately deduct it from your taxes.
If I sell something on ebay and it cost me more than I have sold it for then I have made a loss on it and that will be reflected in any yearly earnings. It just means more people will complete the same outside of ebay and take cash on collection only