HMRC reporting of 2024

[Jack199]

Originally Posted by MeToYou

Read lots of sellers are being asked for NI now (March). So are people thinking legacy users (pre 2024) are not going to be reported if over 30 items in 2024 ? .

I thought the threshold was 20 items actually, not 30 but I could be wrong.


EDIT - sorry ignore that, it is 30, just double checked!

[andro0_11]

Originally Posted by Jack199

I thought the threshold was 20 items actually, not 30 but I could be wrong.


EDIT - sorry ignore that, it is 30, just double checked!

Which is the worst part. If someone decides to list their wardrobe and sell old clothes for 5 quid each, will get under it with just 150 quid in turnover. At least the US one was 200

[murdered_by_ebay]

that depends on the country , I am pretty sure that people in the UK can continue selling used pants for hundreds of pounds without getting harassed by HMRC

[Innocuous Nomad]

Just had eBay request my NI today because I've ben selling of some old photography equipment I no longer use.

Honestly, what an absolute faff this is going to be. I've had some of this equipment for years and yes it's worth thousands but I shouldn't be having to prove I already owned it just so I don't have to pay tax. Is HMRC going to come knocking at some point?

What really bothers me about supplying NI numbers is the issue or data leaks as we've seen so many times from other companies other the years. This is sensitive personal information and we've seen many cases where someone's NI number has been used by scammers and then they've been stung with a massive tax bill from HMRC! Imagine that!

Does anyone have any thoughts on using dummy NI numbers? I'm tempted to go with that instead of my real one.

[MeToYou]

As far as I know you can sell up to £6000 of your own goods before you have to pay tax. Under 6K and they will still send a letter asking what the goods sold were, and if you say personal items they just accept it apparently unless something seems off. Anything over £6000 and they will ask for tax regardless.

Yeah, the whole thing sucks. There are NI generators out there but I have no idea what happens if used.

[OldTom]

Originally Posted by Innocuous Nomad

Just had eBay request my NI today because I've ben selling of some old photography equipment I no longer use.

Honestly, what an absolute faff this is going to be. I've had some of this equipment for years and yes it's worth thousands but I shouldn't be having to prove I already owned it just so I don't have to pay tax. Is HMRC going to come knocking at some point?

What really bothers me about supplying NI numbers is the issue or data leaks as we've seen so many times from other companies other the years. This is sensitive personal information and we've seen many cases where someone's NI number has been used by scammers and then they've been stung with a massive tax bill from HMRC! Imagine that!

Does anyone have any thoughts on using dummy NI numbers? I'm tempted to go with that instead of my real one.

I appreciate some folk will be wary of giving ebay their NI number but that aside the chances of HMRC picking you for an audit are very slim indeed. Any letter you may get just ignore if you're merely selling off a few bits of old camera equipment because when it's gone it's gone, it is only your old personal stuff after all.

But if HMRC did want to audit a select few one of the triggers could be bogus NI numbers. Would I use one, not a chance.

[OldTom]

Originally Posted by MeToYou

As far as I know you can sell up to £6000 of your own goods before you have to pay tax. Under 6K and they will still send a letter asking what the goods sold were, and if you say personal items they just accept it apparently unless something seems off. Anything over £6000 and they will ask for tax regardless.

Yeah, the whole thing sucks. There are NI generators out there but I have no idea what happens if used.

Nah, if you're talking about CGT then it only applies to any gain you've made, most genuine private sellers are making a loss.

There is no way on earth that HMRC are going to target CGT opportunities from ebay sellers when they will be overwhelmed with easier and more 'profitable' targets.