New Tax Rules? :-(

Neilb

Wammer
Wammer
Jun 5, 2007
1,908
29
93
Selhurst, Croydon,
AKA
Neil
I'm really not sure if this is the right place to put this, but I immediately thought of 'The Wam' as I read this in The Guardian last week. I must admit I felt a little annoyed by it. In these times of austerity they're now going to be getting data from Vinted and eBay etc. Any online selling platform. You'll get a £1000 a year 'allowance' for selling anything from shoes, old clothes, to, well, hi-fi. The idea being that 'hobbyists' can continue but those looking to 'trade' will have to pay tax. Apparently if you can prove you're not selling for profit thats OK but, to be honest, I can see this becoming a real mess.

Here on the Wam we might want to start dealing in cash where possible. And meeting face to face, even if it's a long drive. Here it's always been the rule and etiquette that we never sell for profit. A rule I love, personally. We're just trying to minimise losses and enjoy trying new things aren't we? A lot of money can change hands though can't it. One item could easily place us over the limit, and it can be difficult to show or prove there's no profit in it. I thought it was well worth bringing this up, as it could save people here a bit of pain.

Personally I feel there should be some kind of tax scheme for places such as The Wam. An enthusiast licence or some such.

Anyway, here's the article. See what you make of it.

Regards.

Neil.

https://www.theguardian.com/money/2...online-be-warned-hmrc-will-soon-know-about-it
 

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