Why do they always come for the little people?

[LadyOnArooftop]

Like many others, to make a few extra quid, I sell stuff I don't want on Vinted, and if I come across any designer stuff in charity shops I stick it on ebay. Now, it's being reported in the news that if I make more than £1000 in a year doing this wheelin n dealin, which works out at just £20 a week, HMRC requires me to register as self-employed and file a tax return!
We're only little people, why do they always come after us?

 

[TwoWhalesInAPool]

Just to reassure you that selling your used knickers on eBay may not land you a tax bill.

So, here's to more power for the little people!!

from Martin Lewis

https://www.moneysavingexpert.com/news/2024/01/online-platforms-etsy-vinted-airbnb-report-hmrc/

1. There is no new tax
2. Unless you're 'trading' selling your old stuff/knickers isn't taxed.
3. Only sales over c£1,700 (rising to £2000 this year) or more than 30 items a year are reported

Don't get confused between the reporting limit and whether you pay tax.

If your not trading you don't pay tax on what you sell.
If the earnings were solely from selling goods online, the key question is whether or not you're considered to be "trading".

In a nutshell, if you make or buy goods with the intention of selling them, you're probably a trader – and you therefore need to declare your income to HMRC through. Look to your knickers!!

For example, if you're buying furniture (knickers), decorating it/them and selling it/them on for more than you bought it/them for, this would be considered trading (unless it was a one-off). But if you cleared old stuff/knickers out of your attic/drawers and sold it/them, you wouldn't be trading.

You don’t automatically get a bill. HMRC may write to you and you provide an explanation. If they think you’re trading, they’ll send you a tax return form which will again prompt you to contact them. It’s not an automatic charge just because eBay or vinted make a declaration.

Check out HMRC's online guide

Check if you need to tell HMRC about your income from online platforms

Find out if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.

www.gov.uk

Looks like you're in the clear.

PS: How much do the knickers go for?

 

[Moriarty]

Like many others, to make a few extra quid, I sell stuff I don't want on Vinted, and if I come across any designer stuff in charity shops I stick it on ebay. Now, it's being reported in the news that if I make more than £1000 in a year doing this wheelin n dealin, which works out at just £20 a week, HMRC requires me to register as self-employed and file a tax return!
We're only little people, why do they always come after us?

Your self employed.
If you have spare money to spend on buying ebay and selling it on, does that mean your getting to much in benefits?
Just a question, dont get bent outta shape lol

 

[Kev45]

What left a bad taste in my mouth is the lengths the likes of eBay and Amazon take to avoid paying corporation tax etc in the UK (or globally). It seems that they will willingly comply with HMRC when it doesn't involve their own profit margins and irrespective of their "free market" ideology.

HMRC said in a statement: "These new rules will support our work to help online sellers get their tax right first time. They will also help us detect any deliberate non-compliance, ensuring a level playing field for all taxpayers."

"Ethical Consumer has calculated that, in 2021 alone, up to half a billion pounds could have been lost to the UK exchequer from the corporation tax avoidance of just one company, Amazon."

 

[Moriarty]

If one imposes corporation tax, then corporations go elsewhere.
It's called capital flight.

Then they arent employing thousands of people who do pay taxes.
Those people would be out of work getting benefits, which is taxpayer money which could be better spent elsewhere.

Reductions in corporation tax create jobs, which create tax payers.
Tax payers arent people on benefits.
Net plus vrs net drain.

It's not rocket science.

 

[WickedPerdition]

Like many others, to make a few extra quid, I sell stuff I don't want on Vinted, and if I come across any designer stuff in charity shops I stick it on ebay. Now, it's being reported in the news that if I make more than £1000 in a year doing this wheelin n dealin, which works out at just £20 a week, HMRC requires me to register as self-employed and file a tax return!
We're only little people, why do they always come after us?

When I read the title to your thread, I was concerned that there was a hunt on for Leprechauns in some remote part of Ireland.

I wonder what you would consider a reasonable upper limit for any individual's annual income from selling via such online platforms as Vinted.

 

[LadyOnArooftop]

I can understand the posibility for confusion. "we're only little people" it's a famous quote from somewhere, but don't ask me where...
We're the downtrodden, the ones who can't avoid paying taxes. We have poor access to good education, healthcare, housing etc Oh and if we
make a few bob on Vinted they'll come after us!

A reasonable upper limit £ for selling on Vinted? Enough to get by....

 

[WickedPerdition]

Just to reassure you that selling your used knickers on eBay may not land you a tax bill.

So, here's to more power for the little people!!

from Martin Lewis

https://www.moneysavingexpert.com/news/2024/01/online-platforms-etsy-vinted-airbnb-report-hmrc/

1. There is no new tax
2. Unless you're 'trading' selling your old stuff/knickers isn't taxed.
3. Only sales over c£1,700 (rising to £2000 this year) or more than 30 items a year are reported

Don't get confused between the reporting limit and whether you pay tax.

If your not trading you don't pay tax on what you sell.
If the earnings were solely from selling goods online, the key question is whether or not you're considered to be "trading".

In a nutshell, if you make or buy goods with the intention of selling them, you're probably a trader – and you therefore need to declare your income to HMRC through. Look to your knickers!!

For example, if you're buying furniture (knickers), decorating it/them and selling it/them on for more than you bought it/them for, this would be considered trading (unless it was a one-off). But if you cleared old stuff/knickers out of your attic/drawers and sold it/them, you wouldn't be trading.

You don’t automatically get a bill. HMRC may write to you and you provide an explanation. If they think you’re trading, they’ll send you a tax return form which will again prompt you to contact them. It’s not an automatic charge just because eBay or vinted make a declaration.

Check out HMRC's online guide

Check if you need to tell HMRC about your income from online platforms

Find out if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.

www.gov.uk

Looks like you're in the clear.

PS: How much do the knickers go for?

View attachment 14438

Talk about the lowest common denominator ...
I thought it was only dumbfounded politicians who resorted to repetition so as to avoid answering a question directly.
It's worrying to find a blatantly recurring theme in someone's comments here.
In fact, I would go so far as to say that it is definitely a pathological fixation.

I would hazard a guess that knickers, correctly called panties, are going for a nicker these days.

Can we drop the knickers now, please?

 

[A_Son_of_God]

The problem is, little people often just sit there in people's gardens, and are easy targets to gnome thieves.

In fact, it is quite ironic really in that gnomes themselves are often referred to as stealing items from people.

So, maybe whoever is after these little people is just trying to get their trinkets back. At least now we know why there's a pot of gold at the end of the rainbow. It's full of all the stolen crap that those gnomes have been stealing.

 

[Moriarty]

I can understand the posibility for confusion. "we're only little people" it's a famous quote from somewhere, but don't ask me where...
We're the downtrodden, the ones who can't avoid paying taxes. We have poor access to good education, healthcare, housing etc Oh and if we
make a few bob on Vinted they'll come after us!

A reasonable upper limit £ for selling on Vinted? Enough to get by....

Not really the point, your making an income.

If your in the UK claiming universal credit you can disclose it and they will take into account your income.
Many times you wont need to worry, but make sure your not fecking the tax payer over.

 

[LadyOnArooftop]

Universal Credit? I wish I were on benefits, then i'd be able to log on here morning, noon and night!