Ebay
Hi,
Hope you’re all well. I used to sometimes sell some bits & pieces of our old stuff on ebay, but over the last few years I’ve only bought on there.
I haven’t kept up-to-date with anything, but today I saw an email that says it’s free to sell and that you can keep funds in eBay balance. I’m only talking about small, irregular, occasional amounts, not thousands. Would eBay balance be something that needs to be notified, eg if you sold some stuff and you got to a balance of say £100 and then used that to buy new boots or something like that?
As I say, I’ve only bought for the last few years, so if anybody could take a few minutes to explain, that would be appreciated. Thanks.
Comments
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No because when you sell your own items etc thats classed as using your personal allowance when it comes to tax if this ia what you mean
Selling your own things for what ever reason...like if you don't want them no more etc you get i think £6k limit a year after that amount you pay tax on.
If you make things to sell or buy things to sell on purpose...like if you go to charity shops and look for things you can sell for more money then you are classed as a sole trader or business and need to register as such with the government...BUT you get £1k allowance a year and anything over that you pay tax for.
The ebay thing you mention anyone who sells with a private/normal ebay account from 16th the money stays on ebay under a new balance page...you can then choose to use this when you buy things OR you can instruct ebay to send it to your bank.
Right now when you sell anything the money gets paid out to your bank automatically by what you choose...for me its a daily payout.
Also it means we can keep all the money we make off ebay now instead of ebay taking fees for lisiting and also we pay zero final fee when a item sells which is fantastic.
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Hi @vikki66 ! I used to use Vinted. There the buyer pays the postage and all you have to do is drop it in a box like Inpost. I found it very easy to sell (and buy!) Things on there and not just clothes. I bought computer parts etc. I used to get clothes of other people in the family. Vinted too, keeps a balance of your sales and you can use the balance to buy or to have it sent to bankaccount. Fees are very reasonable too.
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If you sell items and accumulate a balance of £100, you can definitely use that balance to purchase new boots or anything else on eBay without needing to report it as income, as long as it falls within the trading allowance.
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Issue there is…ebay has zero fees now so its way better than vinted and even on ebay the buyer pays the postage unless you put free postage on your items
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everyone gets 6k personal allowance a year anyway.
if you make to sell or buy to sell you should be registered as a business and so you then only get 1k allowence a year before paying tax
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Thanks everybody - I guess I’m asking if ebay balance needs to be reported if I say sold something in May, then August, then November (or whatever, I just mean it would never be regular). If it amounted to £800 over a year do I need to notify that I sold my son’s old games in May, July, September, give amounts, and so on, if I was never accumulating any real amount. Eg I got £20 or £30 and used that against my next ebay purchase.
What I mean is that I could maybe manage to sell the occasional thing, and get it sent off, but wouldn’t have the time or energy to try to keep any kind of accounts for reporting it, so it would put me off if there was any extra effort involved.
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No you don't need to tell anyone its nothing to do with anyone...pip or the government as we all are allowed to sell £6k worth a year tax free.
So you are all ok unless you happen to sell over 6k then you pay tax and have to declare it wether you use the balance or transfer it to bank makes no difference
You are totally fine
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Everyone in the UK gets £6k sales allowance a year anyway.
If you are a business and buy things to sell or make to sell then you onky get £1k allowance a year before you pay tax.
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@petur64 I think Ive bought a couple of things from Vinted ages ago, is that the one where if you’re selling you need to be responding to multiple messages asking you to sell for a tenth of the price you set?
I think my sister sells on there, and is always on her phone with people trying to beat her down to zero, paying to boost items…
Is that another one that I’m getting mixed up with?0 -
Yeh thats vinted....its terrible 99% of the time for the reasons you state
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Our whole house and contents (including us) would struggle to make £1000, so I’d be in no danger of reaching £6K
Thanks everybody
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Haha its ok. I know its worrying sometimes....but you need not worry about it at all.
I sell off stuff all the time i don't want and made over 1k in 2 months from selling **** but i don't need to pay tax on it....cheeky anyway giving us any allowance to sell our own stuff even if it is 6k a year 😂
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Oh why does it look like its blanked a naughty word out from my reply 😂😂
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@marklola82
You never need to use an asterisk for my sake, these words are all in advertising videos, etc, these days anyway. Sometimes the words are necessary, but **** helps us from having to worry about spelling, and gives people something to do in counting the * to see what they think you’re meaning.
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I wonder what would happen with me if I ever sold my entire dvd/blu ray/vhs 4k collection that I've been collecting 20+ years
some are out of print,rare
I have the entire 20 series of air crash investigation, all 692 prisoner cell block H, some 40 volumes.
all 972 episodes of sons and daughters (6 volumes of 26 discs)
all 26 series of the bill.
and about 4,000 films.
it's always been my hobbie/passion/obsession
They would be worth thousands to a collector over a casual purchaser but they are all my own personal property, not brought to sell. Bet that would cause a todo lol
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I don't know what this £6k a year allowance is that you mentioned. Or are you confusing that with the lower capital/savings amount when claiming means tested benefit?
If you're selling personal items then you do not need to report that. For benefits purposes selling personal items is not treated as income, it's treated as capital/savings.
The personal tax allowance is £12,570/year so if you receive earnings, anything up to this amount is tax free.
If you're selling something to make a profit then anything up to £1,000 a year does not need to be reported. Anything over that and you need to register as self employed with HMRC.
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I think the ebay balance will be counted as savings/capital. I know the PayPal balance is if you keep any money in there. (Ebay split with Paypal fairly recently.)
If you have well under £6k total savings then it really won't make any difference. But if you're having to declare capital changes regularly (between £6k-£16k) then the ebay balance should be included in that.
I must admit I can't see how this is going to work for ebay now. They can't make their money from advertising alone. If no-one pays any fees, it's not going to be financially viable for them. I guess they will be making some 'interest' on the money that people that keep in their ebay balance in the same way that banks do. But they must be fairly certain of large amounts being kept in those accounts nationally & globally. Personally I wouldn't want my money kept in their accounts, and want it to go straight into my bank as it has done in recent years.
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From Jan 2025 anyone selling over £1700 or selling over 30 items on Ebay per year. They (Ebay will be telling HMRC). Starting with the 2023 -2024 tax year. It doesn't change any of the current tax rules but they will be informed.
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Makes me wonder why they have to do that since it means nothing as you won't pay tax still and are still over 4k under the allowance
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It's more for tax and for people who were selling a lot on ebay while also making other income.
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