HMRC reporting of 2024

[Freakzilla]

I started to type a long reply, then saw this about 30 - 40 accounts and it made me lol. At least I'll go to bed with a smile on my face now. XD

[samspalace]

Originally Posted by Freakzilla

I started to type a long reply, then saw this about 30 - 40 accounts and it made me lol. At least I'll go to bed with a smile on my face now. XD

Haha had to bring some humour into it

[james_112233]

The reality is making that many stealth accounts is impossible for the majority. I agree with tom it will be easier to go legit. Big numbers, creative accountancy.

All that stealth money going into savers it won't be long before the banks freeze your funds and do AML / KYC.

[samspalace]

Originally Posted by james_112233

The reality is making that many stealth accounts is impossible for the majority. I agree with tom it will be easier to go legit. Big numbers, creative accountancy.

All that stealth money going into savers it won't be long before the banks freeze your funds and do AML / KYC.

Before managed payments people use to have 50/60 accounts. What I’ve noticed by the replies I’ve read is a lot of people are now not thinking it’s possible which is a shame to hear.

What about if you have 5 accounts in your name and you lose 1 then eBay link you and you lose them all what are you going to next?

I’m sure this forum and the eBay stealth guide was created for people to get back on eBay. No point asking friends and families anymore not with the new tax change going on so surely you need to go stealth!

I understand that it’s changed with managed payments and many people only have the one account but you know what eBay are like you can’t trust them anything can happen to your account your not safe using your account!

2bh banks don’t really care about savings accounts and income running through your savings account.

I’ve got many open and some I’ve closed and re opened new ones again. I’ve had a lot of money go through them over the last year and no issues.

[james_112233]

Originally Posted by samspalace

Before managed payments people use to have 50/60 accounts. What I’ve noticed by the replies I’ve read is a lot of people are now not thinking it’s possible which is a shame to hear.

What about if you have 5 accounts in your name and you lose 1 then eBay link you and you lose them all what are you going to next?

I’m sure this forum and the eBay stealth guide was created for people to get back on eBay. No point asking friends and families anymore not with the new tax change going on so surely you need to go stealth!

I understand that it’s changed with managed payments and many people only have the one account but you know what eBay are like you can’t trust them anything can happen to your account your not safe using your account!

2bh banks don’t really care about savings accounts and income running through your savings account.

I’ve got many open and some I’ve closed and re opened new ones again. I’ve had a lot of money go through them over the last year and no issues.

Might work with low value but if you sell high value it will trigger KYC / AML.

I've had HSBC call me in the past and ask what all my transactions were they then said to continue I have to open a business account.

You're just not triggering their bots yet.

[samspalace]

Originally Posted by james_112233

Might work with low value but if you sell high value it will trigger KYC / AML.

I've had HSBC call me in the past and ask what all my transactions were they then said to continue I have to open a business account.

You're just not triggering their bots yet.

Yes and I’ve had it with NatWest years ago but Halifax and bank of Scotland I’ve had a lot of money go through them all with mismatched names as well not small amounts a lot and I’ve had no issues with those banks.

Im happy you replied to me about HSBC account as I have just added HSBC to my stealth account yesterday so I’ll go easy with HSBC. I’ve got Santander, Lloyds, NatWest which I don’t use! Nationwide, Halifax, Bank of Scotland and I think that’s it.

[samspalace]

Just looked at the stealth guide it’s still in my email from a few years ago. Best banks are:

1) Halifax and I’m really not surprised this is number 1 as I have churned so much cash using Halifax
2) Bank of Scotland is said to be okay but it’s just as good as Halifax no issues with miss match names
3) Santander said to be okay not used Santander but will be testing some banks soon
4) nationwide savings accounts good with mismatch names no issues reported. However the flex account doesn’t like mismatch names so name variation required
5) NatWest savings said to be okay but reports of closing down I would never use NatWest savers for eBay again
6) HSBC said to be okay but after reading James comment I will go easy.
7) Barclays don’t like mismatch names variation of names is okay.

[Ebayorbust]

Originally Posted by samspalace

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.

And that still won't work.

Ebay will send details of the turnover on the account in addition to bank details. The bank details would only be used if they cant track you via the NI or the name, address and dob provided.

[Paul1993haul]

I believe for the first year+ we will most likely be able to provide them with some mismatch national insurance number, but sooner or later when eBay report that information, HMRC will hit eBay back and say that the information is inaccurate and our account may be put on hold or suspended, who knows…( and it is probably not a good idea to sent inaccurate information to HMRC as they can easily find us by the bank account)

[samspalace]

Originally Posted by Paul1993haul

I believe for the first year+ we will most likely be able to provide them with some mismatch national insurance number, but sooner or later when eBay report that information, HMRC will hit eBay back and say that the information is inaccurate and our account may be put on hold or suspended, who knows…( and it is probably not a good idea to sent inaccurate information to HMRC as they can easily find us by the bank account)

What about it your account is suspended? Surely eBay won’t ask you for NI number as the account is permanently suspended?

[samspalace]

Originally Posted by Ebayorbust

And that still won't work.

Ebay will send details of the turnover on the account in addition to bank details. The bank details would only be used if they cant track you via the NI or the name, address and dob provided.

If turnover doesn’t reach threshold €2000 euros or £1750 then they won’t send anything to HMRC only if you have passed the threshold.

[175tom]

Originally Posted by samspalace

If turnover doesn’t reach threshold €2000 euros or £1750 then they won’t send anything to HMRC only if you have passed the threshold.

So the reporting is once you go over £1750 not £1,000?

[Freakzilla]

Or 30 items

[samspalace]

Yes correct £1750 or 30 items. I’ve been thinking all day what I’m going to do but I am sticking with my original idea. I’ve created 2 more accounts so far!

I was going to create eBay accounts in other countries and link to payoneer but I’m sticking to my plan I discussed yesterday.

[samspalace]

We know eBay are sending HMRC the following

Name
Date of birth
Address
NI number
Account number

I assume they will send invoices on your sales as well. But will they send the products you’re selling as well?

[james_112233]

Originally Posted by samspalace

We know eBay are sending HMRC the following

Name
Date of birth
Address
NI number
Account number

I assume they will send invoices on your sales as well. But will they send the products you’re selling as well?

Name
Dob
Address
UTR, NI or Company number
Details of the bank account that deposits are being paid into

Quarterly reports of how much paid and number of items sold

I don't think they will be showing eBay listings but if HMRC wanted to investigate they could. I would assume they will match your turnover reported by online marketplaces to the turnover you are declaring which will flag up where an actual agent will take a closer look. If they see thousands of feedback from the past of similar items they may go back several years during a tax investigation.

Regarding stealth even if the account info is wrong. You would be using a real bank account details that would go to HMRC. What work around is there for a bank account ? Someone said revolut and VBA what is that ?

[james_112233]

Originally Posted by samspalace

Yes correct £1750 or 30 items. I’ve been thinking all day what I’m going to do but I am sticking with my original idea. I’ve created 2 more accounts so far!

I was going to create eBay accounts in other countries and link to payoneer but I’m sticking to my plan I discussed yesterday.

So you're saying create dozens of accounts, with stealth info and savers accounts attached and rotate them and stay under the £1750 / 30 item threshold ? All of these accounts will need a NI number attached at some point even if eBay are not collecting it now so it may be a wasted effort.

[samspalace]

Originally Posted by james_112233

So you're saying create dozens of accounts, with stealth info and savers accounts attached and rotate them and stay under the £1750 / 30 item threshold ? All of these accounts will need a NI number attached at some point even if eBay are not collecting it now so it may be a wasted effort.

Yes correct that’s what I’m doing.

You will only have to submit info to eBay if you pass the threshold so if your below the threshold then you won’t have have to submit anything only if you go pass it.

[samspalace]

Originally Posted by james_112233

Name
Dob
Address
UTR, NI or Company number
Details of the bank account that deposits are being paid into

Quarterly reports of how much paid and number of items sold

I don't think they will be showing eBay listings but if HMRC wanted to investigate they could. I would assume they will match your turnover reported by online marketplaces to the turnover you are declaring which will flag up where an actual agent will take a closer look. If they see thousands of feedback from the past of similar items they may go back several years during a tax investigation.

Regarding stealth even if the account info is wrong. You would be using a real bank account details that would go to HMRC. What work around is there for a bank account ? Someone said revolut and VBA what is that ?

What about suspended accounts? Surely they won’t collect information from suspended accounts?

This is why I never have one account. I lost a few accounts last year so they’re fine as that’s before this year.

Is it last years tax being submitted to HMRC 2025? Or this years tax 2024 submitted to HMRC 2025?

[175tom]

Originally Posted by samspalace

What about suspended accounts? Surely they won’t collect information from suspended accounts?

This is why I never have one account. I lost a few accounts last year so they’re fine as that’s before this year.

Is it last years tax being submitted to HMRC 2025? Or this years tax 2024 submitted to HMRC 2025?

I believe its 2023-2024 Tax that will be submitted.

[samspalace]

Originally Posted by 175tom

I believe its 2023-2024 Tax that will be submitted.

I’m not sure if it’s January 2024 which will be sent in January 2025 as if it was 2023 that will be sent this year. I found this on the website. I’ve stopped selling on one account going to leave that one alone now.

Reporting to HMRC

Starting January 2025, eBay will begin annually reporting to HMRC. Each January we will report for the previous year and provide a copy of the reported data for your review. Should you meet either of the thresholds described above, the following information will be shared with HMRC:

Individual sellers (including sole traders) Registered companies and partnerships
Full name Business or legal name
Primary address Primary address
National Insurance (NI) Number
Company Registration Number (CRN) for a registered company, Limited Partnership and Limited Liability Partnership
Unique Taxpayer Reference (UTR) for a General Partnership (Partnership)
VAT identification number, where applicable VAT identification number, where applicable
Total number of transactions and total amount paid or credited to the seller during each quarter of the calendar year, excluding*:
Fees paid to eBay
Refunds or cancelled orders within the reporting period
VAT collected by eBay
* Consequently, the amount eBay reports may differ from the total amount of payments you actually received from eBay.
Total number of transactions and total amount paid or credited to the seller during each quarter of the calendar year, excluding*:
Fees paid to eBay
Refunds or cancelled orders within the reporting period
VAT collected by eBay
* Consequently, the amount eBay reports may differ from the total amount of payments you actually received from eBay.
Total of fees, commissions or taxes withheld or charged by the platform during each quarter of the calendar year Total of fees, commissions or taxes withheld or charged by the platform during each quarter of the calendar year
Number of the bank account to which sales proceeds were paid or credited Number of the bank account to which sales proceeds were paid or credited

[Freakzilla]

It's all of 2024 data to be sent January 2024.

And UTR Number isn't part of the required info.