|
|
|
Thread Tools | Display Modes |
#1
|
||||
|
||||
More Ebay tax talk.
Ebay and Paypal users face 'huge' tax crackdown
They've been going on about this for years. Finally, this time, are they going to actually do something? http://www.telegraph.co.uk/finance/p...crackdown.html |
#2
|
||||
|
||||
Fair enough but how about Ebay and Paypal paying their share of corporation tax instead of hiding their huge profits offshore?
|
#3
|
||||
|
||||
A few years ago, on our side of the pond, the Canada Revenue Agency went after ebay sellers. They ended up in court as the records (data) was controlled by the parent US ebay corp. The CRA got a ruling requiring ebay to provide the user id's and names of those ebayer's who sold over IIRC $12,000 per year. There were some limits put on the order. It was only applied to those who were in the "power seller" program, selling over $12,000 per year. It netted quite a few individuals and they were required to pay income tax on their sales. Some of the un-taxed income was substantial, and in the end they had to pay.
__________________
Res ipsa loquitur |
#4
|
|||
|
|||
I have no issue with HMRC taxing Ebay sellers. I am a full time dealer and use Ebay as a seller myself. All my ebay generated income is declared on my tax return. Only those with something to hide have any reason to be nervous.
Just my thoughts of course. PL |
#5
|
||||
|
||||
Quote:
Ivan |
#6
|
|||
|
|||
Quote:
I've a very similar sentiment to you! When I started dealing I actually went to the local tax office for advice, I pay my dues and I fully support HMRC why should those flogging all those fakes be coning the tax man as well as collectors? Andy |
#7
|
||||
|
||||
Will ebay sellers be able to offset their purchase price against the sale price or will that also upset the apple cart? Do dealers at Militaria Fairs who buy and sell on the day also pay Income Tax/VAT on all the profit?
|
#8
|
|||
|
|||
Mike,
HMRC are quite sympathetic and there is a threshold before you are eligible/liable to pay tax! The hobbyist seller can still sell several thousand pounds worth of stuff before attracting the attention of the tax man! But when it expands beyond a hobby quite rightly tax should be paid accordingly! IMO Andy |
#9
|
||||
|
||||
My understanding is that all income should be declared, now whether that takes you above the tax threshold is another matter but I don't think that you can assume that there is no need to declare it.
P.B.
__________________
Interested in all aspects of militaria/military history but especially insignia and history of non regular units with a Liverpool connection Members welcome in my private Facebook group “The Kings Liverpool Regiment ( 1685-1958 )” |
#10
|
||||
|
||||
Before anyone gets too excited about declaring to the tax man all monies obtained, I bet there are quite a few members of the forum who haven't sold something without declaring it. I wonder how many collectors have been to a fair with the intention of asking a dealer if he would be interested in buying such and such ! in fact please put your hand up if you declared the monies you obtained when selling on the forum's own ' for sale ' site !!!
Things like cars and electric goods are exchanged at regular intervals and I believe, never declared, having said that, it doesn't mean I do not agree with the majority but it is a thought. Another thought is that when one chooses to use ebay to sell something, the individual has to pay to start selling, if an item sells, there is a 10% Final Value fee, including the postage and then if you are paid by paypal, there is another 3% - 4% taken by them, another 20% in tax would close down the smaller sellers and the would again be plenty of forum members not posting about the " little bargain " they had picked up on ebay. My own belief is leave the minnows alone and go after the sharks ?? Dave.
__________________
A man is only as tall as the sum of his deeds ! |
#11
|
||||
|
||||
Hello
I hope I am not being controversial here but think the issue at stake is that if you are selling your own personal property then there is no need to be concerned about tax or other business implications. Selling a couple of badges (or more) that are surplus to requirements (or because you have changed collecting interests) seems to me to fall into this category. However, as I understand it, the moment a person starts buying items (or making them) with the intention of selling them on, then they become a business. Whether they make a profit doing so is not relevant and they have to declare their income from that business. Whether they have to pay tax on that income will depend on a number of factors. What they cannot do is run a business as a 'hobby' making money on the side and decide not to inform HMRC. There are many so-called private sellers on ebay (and elsewhere) who clearly buy in stock with the sole intention of selling it on and that makes them a business and they should declare themselves as such. By not operating as a business they are placing all genuine businesses at a disadvantage. All anyone wants is a level playing field. Roger Last edited by Cribyn; 26-07-15 at 02:31 PM. Reason: Typo |
#12
|
|||
|
|||
Having just had a financial brief prior to leaving the forces you are allowed to sell £11k of personal items per annum this does not include items bought for resale which of course is dealing and will attract tax accordingly.
regards Mark |
#13
|
|||
|
|||
Quote:
__________________
canadiansoldiers.com |
#14
|
||||
|
||||
Quote:
Personal Possessions and Capital Gains Tax: https://www.gov.uk/topic/personal-tax/capital-gains-tax And the best of luck to you in civvy street, Marcus |
|
|