eBay and HMRC data sharing (UK)

[Mike6644]

Hi,

I have been reading up on the eBay sharing sales data with HMRC and had a question:

A few years back my business eBay account was suspended thus I resorted to my personal eBay account for selling and have been doing so for years now. I have a registered business in the UK and all the money I make from the eBay account is reported accurately via it – Do you think this is going to cause me any issues?

I am worried that HMRC will claim that because the eBay account is a personal account the money should be counted as personal income – even if I am reporting it via my business.

Any help with the above would be great.

Thanks,
Mike

[Mr_Blue_Sky]

IMO they are going to be so inundated with data to manage then you'll never be questioned about it.

And if you are then you can reasonably show that you've declared the earnings. Is your business a sole trader or Limited Company?

Is it a perfect arrangement, no it isn't, it could be said you are not meeting all your regulatory requirements, but in reality I wouldn't be worried in the slightest about any form of penalty, I reckon in the unlikely event you were questioned the worse that could happen is they ask you to change your practiced slightly.

This is of course assuming they ever deemed you worthy of investigation.

The advice over the next 12 months and beyond is surely going to be "if in doubt, seek professional advice" because nobody here knows for sure.

[murdered_by_ebay]

personal and business accounts are the same thing if the owner is not a corporation , the differences are internal for ebay like selling limits etc.

[rsot]

Welcome to the forum OP - all the best as you master stealth method

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[degsey69]

Welcome to the forum!

Everybody is worried about HMRC and the turnover that will be reported to them next year by eBay.

The thing is you have until October 31st to do a self assessment if you are not already registered as a self employed trader. You are allowed to make £1,000 profit a year before you register, not £1,000 turnover. So you may do £4 or £5 thousand sales before you need to register, depending on your profit margin and expenses.

You may turn over more than that if you can prove that you have sold personal effects at a loss for what you had paid for them.

[murdered_by_ebay]

1000 gross income , that is turnover

profit is at about 12K tax free in the UK