HMRC reporting of 2024

[murdered_by_ebay]

there seem to be people here discussing the same thing over and over again for the sake of discussing although it has already been cleared up

2024 data for sellers registered 2024 will be reported january 2025

all other sellers either january 2025 or january 2026 as grace period exists

[175tom]

Originally Posted by murdered_by_ebay

there seem to be people here discussing the same thing over and over again for the sake of discussing although it has already been cleared up

2024 data for sellers registered 2024 will be reported january 2025

all other sellers either january 2025 or january 2026 as grace period exists

I cant believe how complicated it is. So January 2024 sales will be reported in 2025 or 2026. So if I go over the threshold this year and my info is passed on. They will only haves sales info from 2024 starting from January? So I have made 0 sales in 2024 and want to register for self assessment will I be registering for 2023/24 sales?

I honestly feel stupid even writing this, so much mixed information around

[samspalace]

Originally Posted by murdered_by_ebay

there seem to be people here discussing the same thing over and over again for the sake of discussing although it has already been cleared up

2024 data for sellers registered 2024 will be reported january 2025

all other sellers either january 2025 or january 2026 as grace period exists

It’s confusing for a lot of us! My brother was saying it’s April 2023 to April 2024 to be reported January 2025.

We just all want to get this right with this new change happening.

[175tom]

Originally Posted by samspalace

It’s confusing for a lot of us! My brother was saying it’s April 2023 to April 2024 to be reported January 2025.

We just all want to get this right with this new change happening.

Thats exactly what I have read which would make sense? January 2024 onwards..threshold is hit! Automatically info gets passed over and they would see your sales from April 23-24? It doesnt make sense for them to go off January 2024 sales because the tax year wouldn't have finished until April 2025 Unless they start contacting us all after April 2025? Honestly at this point im not sure if I even care anymore 😂

[murdered_by_ebay]

it is not a tax year but a calendar year , it is not a tax return but a simple report , it is questionable what it means as hmrc have had access to ebay data for years anyway , seems to me like the whole thing was just forced on everyone from abroad as it was created and decided to implement elsewhere , it is especially the EU that was pushing it

since ebay already started serious verification 2-3 years ago it is unlikely there will be major changes as most measures demanded by these reports have already been taken due to move to MP

I expect less changes for ebay sellers but more for those on smaller marketplaces that remained under radar for years

[murdered_by_ebay]

Originally Posted by 175tom

Thats exactly what I have read which would make sense? January 2024 onwards..threshold is hit! Automatically info gets passed over and they would see your sales from April 23-24? It doesnt make sense for them to go off January 2024 sales because the tax year wouldn't have finished until April 2025 Unless they start contacting us all after April 2025? Honestly at this point im not sure if I even care anymore 😂

threshold must be hit between january and december of previous year

april does not play any role , it is for tax returns only , this here does not have anything to do with tax returns

reports are regularly sent by banks , insurance companies etc. , in some cases it leads to investigations , for example your cash purchase of a mercedes of 60K may become a problem if you officially earn 800 per month

[samspalace]

Originally Posted by murdered_by_ebay

threshold must be hit between january and december of previous year

april does not play any role , it is for tax returns only , this here does not have anything to do with tax returns

reports are regularly sent by banks , insurance companies etc. , in some cases it leads to investigations , for example your cash purchase of a mercedes of 60K may become a problem if you officially earn 800 per month

Thanks for making everything clear I’ll make sure each account is below the threshold. One account this year has reached the threshold so I’ll stop that one now and move on to the next one. Good luck everyone.

[175tom]

Originally Posted by murdered_by_ebay

threshold must be hit between january and december of previous year

april does not play any role , it is for tax returns only , this here does not have anything to do with tax returns

reports are regularly sent by banks , insurance companies etc. , in some cases it leads to investigations , for example your cash purchase of a mercedes of 60K may become a problem if you officially earn 800 per month

Appreciate the info aswell! Just curious if anyone is going to carry on as usual particularly those only making a small turnover? (3-4k a year personal/sole traders) or is it best to register for self assessment? If I was making £10-20k a year id understand registering, but I sell such a small quantity of items a year and such a low turnover. I agree id like to think nothing much will change with eBay and carry on as usual seeing as they've had info for years anyway. Or should I essentially just fear the worst and take all precautions and register for self assessment. My items are 20-24 items a year roughly around £250 each per item and all used. Sometimes I can go months without selling anything. I feel sorry for personal sellers who will get caught up in this mess if every single person will be looked into selling more than £1,750 a year.

[samspalace]

Originally Posted by 175tom

Appreciate the info aswell! Just curious if anyone is going to carry on as usual particularly those only making a small turnover? (3-4k a year personal/sole traders) or is it best to register for self assessment? If I was making £10-20k a year id understand registering, but I sell such a small quantity of items a year and such a low turnover. I agree id like to think nothing much will change with eBay and carry on as usual seeing as they've had info for years anyway. Or should I essentially just fear the worst and take all precautions and register for self assessment. My items are 20-24 items a year roughly around £250 each per item and all used. Sometimes I can go months without selling anything. I feel sorry for personal sellers who will get caught up in this mess if every single person will be looked into selling more than £1,750 a year.

If you’re only making £3-£4K a year why don’t you open a couple more accounts and just stay under the threshold of £1750 on each account?

[175tom]

Originally Posted by samspalace

If you’re only making £3-£4K a year why don’t you open a couple more accounts and just stay under the threshold of £1750 on each account?

In all honesty Im out of the loop with stealth now and never fully understood the ins and out only the basics. My accounts were purchased from sellers on this forum when my accounts got banned back in 2011. However, when MP hit i changed my details slowly over time to genuine. I only had stealth because my accounts got banned I’ve never ran a business, I've always been a personal seller who has offloaded some expensive sound equipment, some designer wear, records etc. I confess some things I have purchased and sold for a small profit on here but who hasn't done that?

But to answer your question opening accounts I wouldn't even know where to begin anymore!

[samspalace]

Originally Posted by 175tom

In all honesty Im out of the loop with stealth now and never fully understood the ins and out only the basics. My accounts were purchased from sellers on this forum when my accounts got banned back in 2011. However, when MP hit i changed my details slowly over time to genuine. I only had stealth because my accounts got banned I’ve never ran a business, I've always been a personal seller who has offloaded some expensive sound equipment, some designer wear, records etc. I confess some things I have purchased and sold for a small profit on here but who hasn't done that?

But to answer your question opening accounts I wouldn't even know where to begin anymore!

The basics are still required to open stealth accounts.

1) New user account
2) New Ip
3) New email
4) New phone number
5) New bank account
6) New name
7) New address

That’s the easy part. Then you need to pass restrictions. Which is complicated if you haven’t done it before but it doesn’t cost a lot to create a new account.

When you get restrictions just use the forum and experience members will help you to over come them.

Most of us on here have never put the right amount of earnings down on eBay which is why this post is still active as most of us will need to change our business going forward.

[murdered_by_ebay]

Originally Posted by 175tom

Appreciate the info aswell! Just curious if anyone is going to carry on as usual particularly those only making a small turnover? (3-4k a year personal/sole traders) or is it best to register for self assessment? If I was making £10-20k a year id understand registering, but I sell such a small quantity of items a year and such a low turnover. I agree id like to think nothing much will change with eBay and carry on as usual seeing as they've had info for years anyway. Or should I essentially just fear the worst and take all precautions and register for self assessment. My items are 20-24 items a year roughly around £250 each per item and all used. Sometimes I can go months without selling anything. I feel sorry for personal sellers who will get caught up in this mess if every single person will be looked into selling more than £1,750 a year.

people selling 2K-3k per year can not pay much tax , they do not owe VAT , any tax due here would be minimal , even if these 3K would be pure profit the tax would be a few hundred at best , you think HMRC are crazy? they will let go people owing large sums and try to hunt down small fish with empty pockets instead , many of whom would not even have the money to pay the tax?

[samspalace]

Originally Posted by murdered_by_ebay

people selling 2K-3k per year can not pay much tax , they do not owe VAT , any tax due here would be minimal , even if these 3K would be pure profit the tax would be a few hundred at best , you think HMRC are crazy? they will let go people owing large sums and try to hunt down small fish with empty pockets instead , many of whom would not even have the money to pay the tax?

I’ve got a question… If you’re not working in a job and eBay is your income. Your making £3-£4K a year your young still living with parents or whatever the circumstances might be surely you wouldn’t pay anything as the tax threshold is £12570 anyway.

On 3 or 4K net profit from eBay and if your working in a day job then you will have to pay 20% of that profit so around £600 it’s not a lot 2bh.

Would be interesting to know what Tom’s circumstances are.

[murdered_by_ebay]

the 12K threshold is valid for all UK residents , in theory if you have a high income elsewhere but sell on ebay as well you could be liable for a high tax rate but again selling 4K a year likely means that your profit is low , if it is 2K I doubt anyone will care anyway , I bet they will be primarily looking into sellers liable for VAT as it is due regardless of any profits and is determined by location of buyers

[samspalace]

Thanks for this as one of my accounts has hit 2k without me realising it. I’ve stopped on that one now.

[ebabe]

Originally Posted by murdered_by_ebay

there seem to be people here discussing the same thing over and over again for the sake of discussing although it has already been cleared up

2024 data for sellers registered 2024 will be reported january 2025

all other sellers either january 2025 or january 2026 as grace period exists

So eBay will require all sellers to update their accounts with a NI number by 2025? Or there about

[Freakzilla]

All marketplaces will

[samspalace]

Originally Posted by ebabe

So eBay will require all sellers to update their accounts with a NI number by 2025? Or there about

Yep very soon on the website there will be an option where you have to put your NI number in to continue selling.

It’s been mentioned if you create new accounts you won’t be able to sell above 2000 euros or £1735 and no more than 30 sales if you cross this bench mark your be asked for NI number.

When will my details be shared with HMRC? Sellers' transaction data will only be shared when certain thresholds are met. Those who complete 30 or more transactions per calendar year, or make more than €2,000 (£1,735) a year in sales will see their data shared.

Found this on google.

What do eBay sellers need to do?
New eBay sellers will be required to share tax information, which the company is then required to report to the Government. For individual consumer sellers, this will be their National Insurance number.
By January 1 next year, all existing individual sellers will also need to update their profiles to include a NI number for the same purpose.

So get creating accounts now before it all happens.

[ebabe]

Originally Posted by samspalace

Yep very soon on the website there will be an option where you have to put your NI number in to continue selling.

It’s been mentioned if you create new accounts you won’t be able to sell above 2000 euros or £1735 and no more than 30 sales if you cross this bench mark your be asked for NI number.

When will my details be shared with HMRC? Sellers' transaction data will only be shared when certain thresholds are met. Those who complete 30 or more transactions per calendar year, or make more than €2,000 (£1,735) a year in sales will see their data shared.

Found this on google.

What do eBay sellers need to do?
New eBay sellers will be required to share tax information, which the company is then required to report to the Government. For individual consumer sellers, this will be their National Insurance number.
By January 1 next year, all existing individual sellers will also need to update their profiles to include a NI number for the same purpose.

So get creating accounts now before it all happens.

Yeah, High volume sellers would need to create ALOT of accounts to circumnavigate

[OldTom]

Originally Posted by ebabe

Yeah, High volume sellers would need to create ALOT of accounts to circumnavigate

Indeed, for most it's going to be an completely impractical proposition.

Can you imagine creating 40 accounts per year for the rest of your days just to fabricate a 'selling allowance' of 70K which even then will only allow you to generate a net profit/income sufficient to keep your head above water.

To make anything resembling a comfortable living you could be creating two accounts per week forever.

Nope, it's simply not a practical proposition, you'll either give up, go mad, or get caught out.

The way forward is to create one selling account (or as many as you can with the genuine NI numbers you have legitimate access to) and look after it, for good quality sellers it could be said the future looks bright.

All that said, I have seen it written that selling platforms will not be required to validate NI numbers just that it is of a valid format. A potentially dangerous game to play but a possible 'out' for those who simply don't care about any repercussions from HMRC down the line.

I guess we'll just have to wait and see how it all pans out.

[ebabe]

Will literally ALL online selling platforms be required to ask for the NI number? What about tiktok and those type of platforms and such?

[murdered_by_ebay]

all uk platforms will be asking for NI number , foreign platforms will not but this only applies to those that do not have any representation in the uk