|
|
Post by derek500 on Jan 2, 2024 17:15:24 GMT 1
Have you heard the latest from HMRC ? From jan2024.
A limit to £1000 per annum on sales on online sites, after that you must declare as self employed and be liable for tax!
|
|
|
|
Post by Robbieben on Jan 2, 2024 17:17:27 GMT 1
Have you heard the latest from HMRC ? From jan2024. A limit to £1000 per annum on sales on online sites, after that you must declare as self employed and be liable for tax! They'd rather chase a 1000 small sellers than the crooks they allow to walk away with millions of £'s of taxpayers money. |
|
|
|
Post by derek500 on Jan 2, 2024 17:18:58 GMT 1
Exactly
|
|
|
|
Post by oldbritguy on Jan 2, 2024 17:23:27 GMT 1
Will that be the same if I sell a single item for £3 or £4k eg a bike?
My son buys and sells some vintage gear on eBay and Etsy and he will be stuffed with this latest HMRC thievery.
|
|
|
|
Post by midlifecrisisrd on Jan 2, 2024 17:30:44 GMT 1
No new thing I'm afraid
The limit for profit before having to pay tax was already £1000
It's also £1000 from any hobby you have that may earn you money
HMRC like the number 1000
It's also the simplified expenses amount for expenses as a landlord. Instead of declaring your actual costs you just take £1000 off your earnings and pay tax on the rest
Steve
|
|
|
|
Post by derek500 on Jan 2, 2024 18:01:08 GMT 1
From what I've read, auction sites must give details of peoples accounts to HMRC if asked
|
|
|
|
Post by chrisg on Jan 2, 2024 18:35:26 GMT 1
So i assume that HMRC are exempt fron the Data Protection act. 🤬
|
|
|
|
Post by steve h on Jan 2, 2024 18:42:21 GMT 1
|
|
|
|
Post by midlifecrisisrd on Jan 2, 2024 18:44:52 GMT 1
Correct on both
HMRC can get any info they like.
As far as they are concerned it's tax evasion so the law is on their side
You just have to make it look like you aren't profiting 😁
Steve
|
|
|
|
Post by Gunny on Jan 2, 2024 18:49:44 GMT 1
Same with savings, can only make a grand in interest then get taxed
|
|
|
|
Post by tony2stroke on Jan 2, 2024 20:04:16 GMT 1
From 2025 there will be snoopers in banks too, checking savings against your council tax allowance or any gov payments claimed, to make sure you don't have more money than you say.
Some wonderful new rules being brought in to catch people out, they are expecting 75000 people to be in trouble and 25000 to be imprisoned over it, Including pensioners.
Getting out the eu so we could make our own laws as you were all told, was such a brilliant thing.
|
|
|
|
Post by derek500 on Jan 2, 2024 20:30:42 GMT 1
They wanna jail this pensioner so be it, 3 meals a day 👍
|
|
|
|
Post by chrisg on Jan 3, 2024 15:58:18 GMT 1
Same with savings, can only make a grand in interest then get taxed It all depends on your circumstances. If you dont earn anything, you can receive your allowance plus £5000, so £17,570 in interest before paying tax. |
|
|
|
Post by urbantangleweed on Jan 5, 2024 9:02:43 GMT 1
Might be of interest this?   |
|
red998
Drag-strip hero
Posts: 211
|
Post by red998 on Jan 5, 2024 9:35:40 GMT 1
HMRC is now twinned with local authorities and The Jobcentreplus (and DWP) fraud investigation department. This came about very quietly over 10 years ago and not many people realised this.
Part of this was to cut staffing due to job overlap and eventually redundancy packages were offered. I know someone who took the package as he was near retirement and did not have many years in the job. He did quite well out of it.
Even before that, there was a lot of information sharing between government bodies and local authorities especially where housing benefits were concerned and Jobcentreplus fraud staff would investigate DWP fraud with regard to its benefits.
Certain local authority staff now sit in government offices as investigators or as investigation managers and are classed as Civil Servants for pay purposes.
The above does not surprise me at all.
|
|
|
|
Post by alankelly on Jan 5, 2024 19:45:09 GMT 1
That’s me stuffed🥲
|
|
|
|
Post by midlifecrisisrd on Jan 5, 2024 19:48:48 GMT 1
You will be fine Remember it is £1000 profit You can offset a lot against expenses. Printers etc are pricey and I dare say they don't know how much material goes into each part 😏 Steve |
|
|
|
Post by alankelly on Jan 5, 2024 19:52:07 GMT 1
You will be fine Remember it is £1000 profit You can offset a lot against expenses. Printers etc are pricey and I dare say they don't know how much material goes into each part 😏 Steve That’s a good idea but time to start keeping records Trouble is ebay alone is around £4 k in sales over the year for me with all my stuff sold 3d printing and other items such as the wife second hand clothing. Time to maybe add a percentage to the item? But in the long run this surly will affect all the sale sites profits as people will be reluctant to sell more that £1000 a year before moving on to another sale site Best wishes Al |
|
|
|
Post by midlifecrisisrd on Jan 5, 2024 20:16:47 GMT 1
Time for your wife and your son to have their "own" ebay accounts 😉
Steve
|
|
|
|
Post by alankelly on Jan 5, 2024 20:19:46 GMT 1
Time for your wife and your son to have their "own" ebay accounts 😉 Steve 👍 |
|
|
|
Post by arrow on Jan 5, 2024 20:45:55 GMT 1
😩
|
|
|
|
Post by 4l04ever on Jan 5, 2024 22:16:30 GMT 1
Time for your wife and your son to have their "own" ebay accounts 😉 Steve 👍 My daughter owns the eBay gasket shop now :-) |
|
|
|
Post by JonW on Jan 5, 2024 23:33:57 GMT 1
Well done to the government for killing British Manufacturing once again...
Looks like more cash will be floating about in 2024.
|
|
|
|
Post by urbantangleweed on Jan 6, 2024 7:16:53 GMT 1
Nothing will be reported from selling stuff on forums like this though Alan  |
|
