HMRC reporting of 2024

[ebabe]

Originally Posted by Freakzilla

That's not what the rules state. Your income has been over £1000 so you need to register with HMRC. In 20 years I have never been asked to provide a breakdown of details. I just do my tax return, pay the bill and that's it. If you only sell that amount of items it would be easy to manage

okay, maybe most sellers should get some kind of tax advise

[175tom]

It's no scare tactic, it the law and you'd better assume they'll pass on your details to HMRC, that's the whole point of it.[/QUOTE]

I have no doubt! But equally, no one really knows the full extent of what is happening. Ive been told that personal items are not taxable, so anyone making over £1,000 has to declare this to HMRC? So at what point and how do they know if you are running a business or just a personal seller offloading your cr*p?

Regular weekly/monthly sales and them having a breakdown of this will be impossible for someone to say, "Oh, these are just my personal items” but what about someone who has a few expensive items hits £3k on say 8 sales over the course of a year? Is it then up to the individual to prove that these items are personal belongings? Surely there will be some sort of category people will be put into because this would be detrimental to eBay. No personal seller will want to go through all the hassle of this and will just use other websites. Let's be honest, £1,000 a year is nothing! People have shoes these days that sell for £500. So three pairs of used trainers that sell for £1,500, and boom, you're having to declare this?

Anyway, in the grand scheme of things, I don't really know anything; I'm just wary and would like to continue to sell some of my personal items, but I'm holding off for the time being!
*
*

[Freakzilla]

It's not just ebay, it's every marketplace. Amazon, Onbuy, Etsy, all of them have to do this.

You should be registered with HMRC. That's a fact. Anyone who turns over more then £1000 has to be registered with HMRC. Whoever told you that about personal items is wrong. The reporting rules are simple. If you sell over 30 items a year or turnover more then £1,770 they will share your info with HMRC. What HMRC will do with that information we don't know at the moment, and probably won't for another year.

Originally Posted by 175tom

It's no scare tactic, it the law and you'd better assume they'll pass on your details to HMRC, that's the whole point of it.

[james_112233]

I think we are heading towards a time now where everything you do will have to be reported digitally online and quarterly regardless of being VAT registered.

You can ufcourse sell your personal items, HMRC will want to know about it. Initially they won't penalise you for not having your purchase receipt but then will educate you on keeping receipts if you plan on selling personal belongings on online marketplaces. This will all be done in phases.

Places like Facebook marketplace will boom. As will gumtree. But then we will head towards a cashless society with cbdcs so any money going into your bank will need to be declared anyway.

The government are closing in on those that don't declare everything. It was great while it lasted, everyone has to go legit now. And stealth is most certainly over.

[ebabe]

Yeah, things are changing, been involved with eBay since 2002, alot has changed since then. But if you have a good business model that makes good profit, paying abit extra in tax is worth it to stay in business, better to pay the tax then stop altogether

[175tom]

Originally Posted by ebabe

Yeah, things are changing, been involved with eBay since 2002, alot has changed since then. But if you have a good business model that makes good profit, paying abit extra in tax is worth it to stay in business, better to pay the tax then stop altogether

Id have no problem with paying TAX for sold items this year. The only problem in doing so is will they then start to look into past sales? I haven't declared because my items have all been my own used stuff so I never for a second thought TAX was due. If this is the future now then of course id have to start paying but its just if I did start for this year would they then look into past sales.

[james_112233]

Originally Posted by 175tom

Id have no problem with paying TAX for sold items this year. The only problem in doing so is will they then start to look into past sales? I haven't declared because my items have all been my own used stuff so I never for a second thought TAX was due. If this is the future now then of course id have to start paying but its just if I did start for this year would they then look into past sales.

HMRC have had access to sales data for donkey years anyway. And so did Joe bloggs a member of the public they just have to go through a person's feedback to get an idea.

If you're going to declare it then carry on selling and don't worry.

Those who have sold items without declaring anything will now have there tax ID, name and addresses including turnover submitted to HMRC every year so all they have to do is press a few buttons to get a accurate picture of deliberate tax evasion. I will bet an algorithm will put discrepancies forward to an actual agent.

[james_112233]

Does anyone know if eBay will be reporting from April 2023 to March 2024 in January 2025.

Or is it January 2024 to December 2024 being reported to hmrc in January 2025 ?

Because I think it's the first one and what did eBays announcement mean when they said the rules will only affect NEW accounts in 2024. But all accounts including legacy ones from 2025.

[Freakzilla]

It's January 2024 to December 2024.

Ebay have just worded it badly

[Delta1]

I did my self assessment for the first time. Paid the tax, hope I don't hear back!

[samspalace]

I think what is most likely to happen is when you reach £1750 sales $2000 you will be asked to submit your NI number to eBay or it could be on registration.

Does this mean it’s the end of stealth accounts not necessarily you could submit your NI number and then change back to stealth who knows you might be asked again to submit your NI or most of the time it’s always been ID and sellers are passing by editing real ID so they definitely don't store IDs in a database.

If the limits are 2k before NI numbers to be declared and you have a 20k business 10 accounts should be fine. 100 accounts £200k.

I think now is the right time to start creating more stealth accounts. I’ll be experimenting weaknesses as with every system theirs always a weakness especially when it’s all run by predictable bots which triggers accounts.

[Freakzilla]

I don't understand what you mean. How can you submit your NI information and then change back to stealth?

[175tom]

Originally Posted by samspalace

I think what is most likely to happen is when you reach £1750 sales $2000 you will be asked to submit your NI number to eBay or it could be on registration.

Does this mean it’s the end of stealth accounts not necessarily you could submit your NI number and then change back to stealth who knows you might be asked again to submit your NI or most of the time it’s always been ID and sellers are passing by editing real ID so they definitely don't store IDs in a database.

If the limits are 2k before NI numbers to be declared and you have a 20k business 10 accounts should be fine. 100 accounts £200k.

I think now is the right time to start creating more stealth accounts. I’ll be experimenting weaknesses as with every system theirs always a weakness especially when it’s all run by predictable bots which triggers accounts.

Do you mean in 2024? Surely people will have hit the £1750 in sales already and posted about this? Ive not heard of anyone saying they have had to submit NI just yet.

[samspalace]

Originally Posted by Freakzilla

I don't understand what you mean. How can you submit your NI information and then change back to stealth?

I don’t know how it’s going to work! Just making assumptions. But let’s say you trigger eBay bot at £1750 sales and a banner comes up and says enter NI number you enter your number and banner disappears.

You then change your accoun details to random details this is where it can ask you to enter a new NI number which in this case we don’t have or it will ask for ID which we do have.

You may get the option where you can delete your NI number I’m just making assumptions as I don’t know until it happens.

Personally I don’t see an NI number being asked at registration as you’re not guaranteed to go over £1000 £2000 whatever it is plus theirs people who just want to sell something and then nothing.

So it could trigger when you reach threshold or you might not have to enter it and it just goes to HMRC by linking name date of birth and address which will be better as nobody wants to enter their NI number and if it’s stealth then they won’t be able to link your NI as details are stealth.

Nobody knows we can make assumptions but I don’t trust HMRC or eBay. eBay said my bank details have to match name that was a scare as I’ve got savings accounts in different names on eBay so I don’t believe everything I’m reading on their sites.

[samspalace]

Originally Posted by 175tom

Do you mean in 2024? Surely people will have hit the £1750 in sales already and posted about this? Ive not heard of anyone saying they have had to submit NI just yet.

No next January 2025 eBay will start collecting info and sending it to the tax man. Only if sales are above £1000 tho will be collected from eBay.

Info their looking to collect are

Full name, address, date of birth, national insurance number and potentially bank number if sales have exceeded the threshold.

I think they will have a new option to input your national insurance number in when this takes effect. A banner will pop up once you have hit the threshold.

What I think could happen is if you type incorrect NI number in so many times eBays bot may send a message to say could not be verified and ask for proof of NI but what I see happening is sellers getting creative once again.

Their edit their NI number and see if it passes. As we know Drivers license and passports are not stored in eBay’s database so this could be the case or they might just input whatever number and eBay just you sends everything they’ve got. Nobody knows we can only speculate.

Towards the end of the year I will be removing my savings account from eBay and my bank as I only use savers as doesn’t effect credit score and can open and close as many as you want.

And add a new savers from a different bank as I’m still going to use my accounts up to November ish.

I’m also going to start creating loads of stealth accounts again as I might end up needing a lot only time will tell.

[Freakzilla]

You can't change the details once you have been through MP.

Also it's 30 sales or £1700 whatever comes first.

The only way I can see stealth working is if you have Revolut with a VBA attached to it.

It doesn't matter what details you have on Ebay for accounts, HMRC can track who you are through the bank accounts. What I put above is the only way I can see stealth working. Even then it'll only work for a period of time as when HMRC find out the person doesn't exist they will no doubt tell ebay.

Originally Posted by samspalace

I don’t know how it’s going to work! Just making assumptions. But let’s say you trigger eBay bot at £1750 sales and a banner comes up and says enter NI number you enter your number and banner disappears.

You then change your accoun details to random details this is where it can ask you to enter a new NI number which in this case we don’t have or it will ask for ID which we do have.

You may get the option where you can delete your NI number I’m just making assumptions as I don’t know until it happens.

Personally I don’t see an NI number being asked at registration as you’re not guaranteed to go over £1000 £2000 whatever it is plus theirs people who just want to sell something and then nothing.

So it could trigger when you reach threshold or you might not have to enter it and it just goes to HMRC by linking name date of birth and address which will be better as nobody wants to enter their NI number and if it’s stealth then they won’t be able to link your NI as details are stealth.

Nobody knows we can make assumptions but I don’t trust HMRC or eBay. eBay said my bank details have to match name that was a scare as I’ve got savings accounts in different names on eBay so I don’t believe everything I’m reading on their sites.

[Freakzilla]

and they are actually collecting the data now to send in January 2025

[samspalace]

Originally Posted by Freakzilla

You can't change the details once you have been through MP.

Also it's 30 sales or £1700 whatever comes first.

The only way I can see stealth working is if you have Revolut with a VBA attached to it.

It doesn't matter what details you have on Ebay for accounts, HMRC can track who you are through the bank accounts. What I put above is the only way I can see stealth working. Even then it'll only work for a period of time as when HMRC find out the person doesn't exist they will no doubt tell ebay.

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.

[ebabe]

Originally Posted by Freakzilla

and they are actually collecting the data now to send in January 2025

What about the NI numbers? I have not been prompted to enter any NI number yet

And I don't recall ever submitting a NI to eBay in the past. Will they start requesting NI by 2025?

[samspalace]

Originally Posted by ebabe

What about the NI numbers? I have not been prompted to enter any NI number yet

And I don't recall ever submitting a NI to eBay in the past. Will they start requesting NI by 2025?

They never asked us to submit NI in the passed. It’s new policy HMRC want eBay and other marketplaces to do. It could be at registration I highly doubt it or when you reach threshold which is most likely to happen. Or it could be a scare where you don’t have to submit but what I’m seeing is it will be implemented in to there site

[james_112233]

Interesting ... Keep us posted Sam.

I for one have been legit with a business account / ltd co but did have a few additional accounts should I need them if my main account went down.

[samspalace]

Originally Posted by james_112233

Interesting ... Keep us posted Sam.

I for one have been legit with a business account / ltd co but did have a few additional accounts should I need them if my main account went down.

Yes I’ll keep everyone posted how everything goes. Il let you all know if my stealth ID passes MC011 and when I pass tax thresholds on my new accounts when I create them which will be today.