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| Freakzilla | 02-05-2024 09:19 AM |
Re: HMRC reporting of 2024
and that's after an account has gone through Managed Payments?
It won't matter. The marketplace has to give the bank details for each deposit, so that won't work. Quote:
Originally Posted by samspalace
(Post 1235171)
You can I’ve changed my details quite a few times but what happens is they end blocking you from changing your date of birth. I thinks it’s two to three times you can change full details including date of birth before you can no longer manually change date of birth.
Yeah your right about bank accounts which is why I plan on removing my savings account towards the end of the year and adding a new year one so they can send my new account number which hasn’t made a lot.
I need to see if I can pass MC011 first to see if my document will pass if it does I’m creating loads of accounts. I’ll test one account go over threshold and see what happens.
The other accounts I’ll make sure they stay under so I won’t set off any triggers but we will see. As things stand still no option to add NI number and on eBays page it says NI number will be added.
| |
| samspalace | 02-05-2024 10:12 AM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by Freakzilla
(Post 1235180)
and that's after an account has gone through Managed Payments?
It won't matter. The marketplace has to give the bank details for each deposit, so that won't work.
| Yes correct! Here are some examples if you asked your family member to use their details and they agreed you can always change back to your details not an issue including date of birth. If you do it more than 2/3 times you will not be able to change date of birth. If you want to change from your details to stealth you will trigger a message to say details can not be verified please upload proof of ID.
When managed payments started not a lot of people knew how it worked but now sellers have got more creative and are now passing stealth ID by editing a real passport which proves IDs are not locked into the database like everyone assumed at the start.
You are correct on bank accounts but and it’s a big but, but on eBay page it says account numbers “may” be used doesn’t say it will be used where it says NI will be used.
The thing is if my stealth ID passes then I can just create loads of accounts and stay under threshold and if go over slightly nothing will happen only if it’s thousands and thousands is where their probably chase you. |
| Freakzilla | 02-05-2024 10:46 AM |
Re: HMRC reporting of 2024
The HMRC guidance says it re bank accounts though, so that's why they will have to supply.
I know you can change the details initially when signing up for MP, but you're the only person I know who has successfully changed it multiple times after. The general consensus is that it could lead to suspension.
You will only be able to sell less then 30 items on an account a year, otherwise the info will be reported to HMRC. You would need hundreds of accounts to make it worthwhile. Just not achievable. Using Revalout with a VBA is the only way it'll work, even then they won't last long time.
Why not just have accounts in your own info? |
| samspalace | 02-05-2024 10:59 AM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by Freakzilla
(Post 1235187)
The HMRC guidance says it re bank accounts though, so that's why they will have to supply.
I know you can change the details initially when signing up for MP, but you're the only person I know who has successfully changed it multiple times after. The general consensus is that it could lead to suspension.
You will only be able to sell less then 30 items on an account a year, otherwise the info will be reported to HMRC. You would need hundreds of accounts to make it worthwhile. Just not achievable. Using Revalout with a VBA is the only way it'll work, even then they won't last long time.
Why not just have accounts in your own info?
| Yes I do think you are right actually I think they will definitely supply bank accounts to HMRC but only if you reach the threshold which seems to be €2000 so £1700ish or 30 items a year like you said.
I’m pretty sure other sellers have also changed info over but just not said it on here. I’m always testing things and trying new things out. The reason why I like stealth accounts is because when a main account goes bust your business is gone so you need multiple accounts to keep the money rolling in and if I stay under thresholds then I won’t have to submit anything as I won’t hit the threshold.
When I create my new stealth account I am going to try and go passed the threshold as I want to see if a banner or message pops up about entering NI number in. |
| Freakzilla | 02-05-2024 11:07 AM |
Re: HMRC reporting of 2024
As I said though how many accounts will you need where the threshold is 30 items a year? Just doesn't seem feasible to me.
I think at some point this year, probably the latter half all the marketplaces will ask for NI numbers for business sellers. Amazon ask for UTR Numbers, but none of the other marketplaces ask for anything. Due to the reporting that will have to change, otherwise they will be fined by HMRC. Quote:
Originally Posted by samspalace
(Post 1235188)
Yes I do think you are right actually I think they will definitely supply bank accounts to HMRC but only if you reach the threshold which seems to be €2000 so £1700ish or 30 items a year like you said.
I’m pretty sure other sellers have also changed info over but just not said it on here. I’m always testing things and trying new things out. The reason why I like stealth accounts is because when a main account goes bust your business is gone so you need multiple accounts to keep the money rolling in and if I stay under thresholds then I won’t have to submit anything as I won’t hit the threshold.
When I create my new stealth account I am going to try and go passed the threshold as I want to see if a banner or message pops up about entering NI number in.
| |
| samspalace | 02-05-2024 11:17 AM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by Freakzilla
(Post 1235189)
As I said though how many accounts will you need where the threshold is 30 items a year? Just doesn't seem feasible to me.
I think at some point this year, probably the latter half all the marketplaces will ask for NI numbers for business sellers. Amazon ask for UTR Numbers, but none of the other marketplaces ask for anything. Due to the reporting that will have to change, otherwise they will be fined by HMRC.
| I would start with 20 accounts. I’ve got around 6 high street banks so adding savings to these accounts and using them won’t be an issue. I’m actually looking forward to this new challenge just hoping my stealth ID passes and back to work I go.
What do you think will happen if you don’t submit your NI into eBay? Do you see accounts being blocked. I personally see them requesting it on new accounts if you hit £1700 but your probably right towards the end of the year on established account as main accounts would have way gone passed the threshold. |
| Freakzilla | 02-05-2024 12:09 PM |
Re: HMRC reporting of 2024
With 20 accounts that's a maximum £34,000 turnover a year, and you will get nowhere near that. That would be selling 29 products at over £58 each. Even with savers I would be careful opening and closing that amount.
I think you either have to go legit or stealth using Revolut with a VBA. Even then they will be burner accounts if HMRC relay to ebay the seller doesn't exist.
I think Ebay will give a period of time to add NI and if you don't you will be blocked from selling or receiving funds. Pretty much like Amazon fize 90 days to provide UTR.
Lots to think about, and we don't have any idea what will actually happen for over another year. Quote:
Originally Posted by samspalace
(Post 1235190)
I would start with 20 accounts. I’ve got around 6 high street banks so adding savings to these accounts and using them won’t be an issue. I’m actually looking forward to this new challenge just hoping my stealth ID passes and back to work I go.
What do you think will happen if you don’t submit your NI into eBay? Do you see accounts being blocked. I personally see them requesting it on new accounts if you hit £1700 but your probably right towards the end of the year on established account as main accounts would have way gone passed the threshold.
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| samspalace | 02-05-2024 12:52 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by Freakzilla
(Post 1235192)
With 20 accounts that's a maximum £34,000 turnover a year, and you will get nowhere near that. That would be selling 29 products at over £58 each. Even with savers I would be careful opening and closing that amount.
I think you either have to go legit or stealth using Revolut with a VBA. Even then they will be burner accounts if HMRC relay to ebay the seller doesn't exist.
I think Ebay will give a period of time to add NI and if you don't you will be blocked from selling or receiving funds. Pretty much like Amazon fize 90 days to provide UTR.
Lots to think about, and we don't have any idea what will actually happen for over another year.
| Yes correct it’s £34,000 turnover which is easy for me to achieve. If I’m honest I’m not sure what you mean by going stealth with revolut VBA never done this before so intrigued on how this works.
We are all speculating at the moment and only time will tell what we’re all in for. |
| Freakzilla | 02-05-2024 01:03 PM |
Re: HMRC reporting of 2024
So you can sell 580 items for over £58 each per year. Quote:
Originally Posted by samspalace
(Post 1235196)
Yes correct it’s £34,000 turnover which is easy for me to achieve. If I’m honest I’m not sure what you mean by going stealth with revolut VBA never done this before so intrigued on how this works.
We are all speculating at the moment and only time will tell what we’re all in for.
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| samspalace | 02-05-2024 01:21 PM |
Re: HMRC reporting of 2024
Don’t worry about my business plan worry about what hmrc are going to do as that’s what this thread is about. |
| Freakzilla | 02-05-2024 01:25 PM |
Re: HMRC reporting of 2024
I don't, just doesn't sound achievable to me.
I don't need to, I have it in hand.
Good luck with it all |
| samspalace | 02-05-2024 01:26 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by Freakzilla
(Post 1235204)
I don't, just doesn't sound achievable to me.
I don't need to, I have it in hand.
Good luck with it all
| Well I can tell you it’s very achievable! Thank you good luck with your sales too :) |
| OldTom | 02-05-2024 04:07 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by samspalace
(Post 1235196)
Yes correct it’s £34,000 turnover which is easy for me to achieve.
| ...or 600 items. Last time you posted you said you sold sub £10 items.
IMO to create and manage 20 stealth accounts for a maximum of 600/£34,000 gross sales would drive me mad for the tiny net profit I'd make.
What would you net after fees and postage even if you sold 600 items at £50 each? |
| samspalace | 02-05-2024 04:11 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by OldTom
(Post 1235215)
...or 600 items. Last time you posted you said you sold sub £10 items.
IMO to create and manage 20 stealth accounts for a maximum of 600/£34,000 gross sales would drive me mad for the tiny net profit I'd make.
What would you net after fees and postage even if you sold 600 items at £50 each?
| My business plan has changed to what it was but managing 20 accounts is no problem for me. I created 1 account today and I’ll create another 2 tomorrow as I’ve got 2 SIM cards to use. |
| OldTom | 02-05-2024 04:36 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by samspalace
(Post 1235216)
My business plan has changed to what it was but managing 20 accounts is no problem for me. I created 1 account today and I’ll create another 2 tomorrow as I’ve got 2 SIM cards to use.
| Your business is, as you said, your own but this thread can be used to highlight the ridiculous amount of effort required to make tiny sums of money.
Assuming you could sell 600 items at £50 each (which I doubt many stealther will) then after fees, promotions, postage, packaging and other costs then what will you be left with? Shall we say 24K tops. Deduct stock costs and what are we left with?
Sorry, for me and I'll wager the overwhelming majority of steathers, this ain't remotely practical.
The way forward, for me, is legitimacy. Big numbers coupled with some creative accountancy, and a decent living with my sanity intact. |
| samspalace | 02-05-2024 05:02 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by OldTom
(Post 1235219)
Your business is, as you said, your own but this thread can be used to highlight the ridiculous amount of effort required to make tiny sums of money.
Assuming you could sell 600 items at £50 each (which I doubt many stealther will) then after fees, promotions, postage, packaging and other costs then what will you be left with? Shall we say 24K tops. Deduct stock costs and what are we left with?
Sorry, for me and I'll wager the overwhelming majority of steathers, this ain't remotely practical.
The way forward, for me, is legitimacy. Big numbers coupled with some creative accountancy, and a decent living with my sanity intact.
| When did I ever say what I’m doing is going to cause me a ridiculous amount of effort? This is in your mind not my mind? When did I ever say I’m selling 600 items at £50 you and the other member have pulled these numbers from the sky? When did I say I’m making a little amount of money? This all coming from you not me. I just said what I’m doing that’s it nothing more and nothing less.
It’s none of your business what my gross profit or net profit is what I sell or what I charge or how I post it.
In your mind it’s not possible I know it’s possible as I know my business plan.
I’m here to share my knowledge in terms of getting back on eBay passing restrictions etc not my business plan that’s my business you need to focus on your own. |
| OldTom | 02-05-2024 05:31 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by samspalace
(Post 1235224)
When did I ever say what I’m doing is going to cause me a ridiculous amount of effort? This is in your mind not my mind? When did I ever say I’m selling 600 items at £50 you and the other member have pulled these numbers from the sky? When did I say I’m making a little amount of money? This all coming from you not me. I just said what I’m doing that’s it nothing more and nothing less.
It’s none of your business what my gross profit or net profit is what I sell or what I charge or how I post it.
In your mind it’s not possible I know it’s possible as I know my business plan.
I’m here to share my knowledge in terms of getting back on eBay passing restrictions etc not my business plan that’s my business you need to focus on your own.
| Settle down, if a forum discussion get you this het up then maybe I have a point.
I thought I'd made it clear that your business is your own and we could use this thread as a general viability overview and I merely shared my own opinions. It's hardly my fault if you couldn't see that.
But if you cant see where the £58 figure came from and the simplistic logic I and Freakzilla applied then maybe you don't know what you're doing. |
| samspalace | 02-05-2024 05:48 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by OldTom
(Post 1235229)
Settle down, if a forum discussion get you this het up then maybe I have a point.
I thought I'd made it clear that your business is your own and we could use this thread as a general viability overview and I merely shared my own opinions. It's hardly my fault if you couldn't see that.
But if you cant see where the £58 figure came from and the simplistic logic I and Freakzilla applied then maybe you don't know what you're doing.
| What I could see from you and freskzilla is I’m going to sell loads of items at £50 each, im going to make barely no profit, its going to be a headache and not worth it when I never said anything.
I was just saying what my plan is in terms of creating accounts. You came across nosey probably because you can’t do it you think other people can’t do it?
I’ve had 6 accounts with managed payments and between those accounts I’ve made lot of money and the account I created today I’ll be maxing that out soon and onto the next one.
Trust me I know what I’m doing. I’ve got 2 kids my own home and only working on ebay. All bills food I eat car I pay for all comes from my eBay income so I know exactly what I’m doing. |
| OldTom | 02-05-2024 05:59 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by samspalace
(Post 1235230)
What I could see from you and freskzilla is I’m going to sell loads of items at £50 each, im going to make barely no profit, its going to be a headache and not worth it when I never said anything.
I was just saying what my plan is in terms of creating accounts. You came across nosey probably because you can’t do it you think other people can’t do it?
I’ve had 6 accounts with managed payments and between those accounts I’ve made lot of money and the account I created today I’ll be maxing that out soon and onto the next one.
Trust me I know what I’m doing. I’ve got 2 kids my own home and only working on ebay. All bills food I eat car I pay for all comes from my eBay income so I know exactly what I’m doing.
| For the purpose of a generic general discussion and given we're all completely anonymous here, then humour me.
What kind of net profit can you make from 600 sales (34k max) spread over 20 stealth accounts. |
| samspalace | 02-05-2024 06:11 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by OldTom
(Post 1235232)
For the purpose of a generic general discussion and given we're all completely anonymous here, then humour me.
What kind of net profit can you make from 600 sales (34k max) spread over 20 stealth accounts.
| I don’t sell 600 items but I make more than enough to get by. You won’t ever hear what I’m earning as I don’t talk about my earnings that’s not what I’m here for. |
| OldTom | 02-05-2024 06:29 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by samspalace
(Post 1235236)
I don’t sell 600 items but I make more than enough to get by. You won’t ever hear what I’m earning as I don’t talk about my earnings that’s not what I’m here for.
| Good for you, maybe we have different expectations.
I just expressed my thoughts on what I perceived to be a mountain of workload on 20 stealth accounts for less than a grand net profit a pop.
I wish you well. |
| samspalace | 02-05-2024 07:24 PM |
Re: HMRC reporting of 2024
Quote:
Originally Posted by OldTom
(Post 1235241)
Good for you, maybe we have different expectations.
I just expressed my thoughts on what I perceived to be a mountain of workload on 20 stealth accounts for less than a grand net profit a pop.
I wish you well.
| I might try and get 30 maybe 40 haha but I’ve made it my priority now to have as many back ups as possible starting from yesterday. I honestly wish you well too :) |
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