eBay Selling Fees

I think it's down to a couple of reasons -

1 - being they are missing out, a lot of folks no longer use ebay due to various reasons, some have been stated above.

2 - lots of folks are now using other platforms for sale like marketplace/vinted &&& there are a lot of other options now which there was not a few years ago

3 - Money in the bank & the interest they earn on sitting on your funds, which was also mentioned above

4 - the new earnings cap of 1k rather than 2k, go over that figure & HMRC will be wanting to know everything & that as has been stated above can be a huge headache if you don't have everything recorded in finite detail.

5 - implementing fees on the buyer

It's certainly a step in the right direction for the occasional seller just trying to get rid of a few bits now & then
 
I think it's down to a couple of reasons -

1 - being they are missing out, a lot of folks no longer use ebay due to various reasons, some have been stated above.

2 - lots of folks are now using other platforms for sale like marketplace/vinted &&& there are a lot of other options now which there was not a few years ago

3 - Money in the bank & the interest they earn on sitting on your funds, which was also mentioned above

4 - the new earnings cap of 1k rather than 2k, go over that figure & HMRC will be wanting to know everything & that as has been stated above can be a huge headache if you don't have everything recorded in finite detail.

5 - implementing fees on the buyer

It's certainly a step in the right direction for the occasional seller just trying to get rid of a few bits now & then

Selling just 1 item could push you over the HMRC cap, fb pages and organised events are going to get more popular, plus the added cash factor, and it's a no brainer if you have a few or expensive items to sell. Ebay have probably lost a lot of sales due to other selling options for certain items as mentioned. I personally don't appreciate the HMRC implications especially if we are passing items on to the kids, which due to family loss my brother has been listing items on ebay- it's surprising how things mount up, especially items that have been up the attic for years. I must remind him of the £1000 limit, as he's always loved ebay listing.
 
Selling just 1 item could push you over the HMRC cap, fb pages and organised events are going to get more popular, plus the added cash factor, and it's a no brainer if you have a few or expensive items to sell. Ebay have probably lost a lot of sales due to other selling options for certain items as mentioned. I personally don't appreciate the HMRC implications especially if we are passing items on to the kids, which due to family loss my brother has been listing items on ebay- it's surprising how things mount up, especially items that have been up the attic for years. I must remind him of the £1000 limit, as he's always loved ebay listing.

Indeed Wookie, just one decent MOC or multi pack could easily see you trip over that small 1k milestone, 2k was the previous cap which even that can very easily be toppled even if you are just listing a few items on their old 70/80% fee promotions, all depending what / how much you sell, funds soon tot up without you noticing, what with the cost of living these days & the value of the pound being far from what it once was I can see a lot of folks getting into hot water without even considering the implications, I mean break it down 1k over 52 weeks is just under 20 quid a week, which in the grand scheme of things is not much, were does 20 quid take you these days? not even 1 meal if you go out now, it's pitiful TBH, nobody wants you to have anything unless they are getting their slice of your pie.

EDIT: - now consider the ramifications of a cashless system
 
Apologies all but it's not as straight forward as you are describing above.

If you are buying stock to resell online and you make a profit of over £1000 then HMRC consider you to be a trader.

As a Personal seller the main thing to consider especially for Vintage Star Wars is capital gains.

It's a very complex and complicated system and everones situation will be different

For example I have a 12 Back Palitoy Luke I paid £1. I sell it for £6005. Capital gains tax would be due.

On the HMRC website they is a questionnaire which will assist you with your requirements
 
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Indeed Wookie, just one decent MOC or multi pack could easily see you trip over that small 1k milestone, 2k was the previous cap which even that can very easily be toppled even if you are just listing a few items on their old 70/80% fee promotions, all depending what / how much you sell, funds soon tot up without you noticing, what with the cost of living these days & the value of the pound being far from what it once was I can see a lot of folks getting into hot water without even considering the implications, I mean break it down 1k over 52 weeks is just under 20 quid a week, which in the grand scheme of things is not much, were does 20 quid take you these days? not even 1 meal if you go out now, it's pitiful TBH, nobody wants you to have anything unless they are getting their slice of your pie.

EDIT: - now consider the ramifications of a cashless system
Exactly
 
Apologies all but it's not as straight forward as you are describing above.

If you are buying stock to resell online and you make a profit of over £1000 then HMRC consider you to be a trader.

As a Personal seller the main thing to consider especially for Vintage Star Wars is capital gains.

It's a very complex and complicated system and everones situation will be different

For example I have a 12 Back Palitoy Luke I paid £1. I sell it for £6005. Capital gains tax would be due. Similarly I have the same Luke which I paid £10 for and sell it for the same price. No capital gains tax due. I know this example is exaggerated but it's just to show how complicated the process is.

On the HMRC website they is a questionnaire which will assist you with your requirements
I suppose it all depends on truth and proof, I have no invoices from years ago, regarding what I paid for items, I suppose I could make a spreadsheet up if I had to , how accurate it would be ..........and what HMRC would believe is another thing. I wonder in the future if ebay/ auction houses are having to declare sales to HMRC, will they be giving info on the buyers too, as many attend and deal in cash. Some run as businesses so again probably the hobby collector would be affected more ?
 
I suppose it all depends on truth and proof, I have no invoices from years ago, regarding what I paid for items, I suppose I could make a spreadsheet up if I had to , how accurate it would be ..........and what HMRC would believe is another thing. I wonder in the future if ebay/ auction houses are having to declare sales to HMRC, will they be giving info on the buyers too, as many attend and deal in cash. Some run as businesses so again probably the hobby collector would be affected more ?
HMRC view is the onus is always in the seller to be honest. However I agree with your Truth and Proof statement.

It may be a very interesting time going forward in terms of the Government attempting to recover as much revenue as possible. HMRC have recognised the amount of revenue they can recoup from eBay and with the recent record high prices being reported widely from Auction House Collectibles sales I am sure they will recognise the potential tax they can generate
 
HMRC view is the onus is always in the seller to be honest. However I agree with your Truth and Proof statement.

It may be a very interesting time going forward in terms of the Government attempting to recover as much revenue as possible. HMRC have recognised the amount of revenue they can recoup from eBay and with the recent record high prices being reported widely from Auction House Collectibles sales I am sure they will recognise the potential tax they can generate

Didn't a guy sell.a.£250,000 stamp collection to a carer for £1 in the news today.?
I suppose there are ways around things, but cash is going to be preferred for high transactions, or anything over 1k
I've the same about our government, definitely after blood.
 
I didn't know E bay had stopped using PayPal? I've not sold anything in ages but I always liked the fact I could use PayPal as E bay were notorious for backing the scammers that said items didn't arrive or arrived damaged.
I sold a boxed ATAT and the buyer returned it, not the same box, or toy inside, repro chin guns, missing the door and swapped box, buyer denied everything, I sent photos etc and e bay sided with him, said box could have been damaged by courier!!! I had to take up with them.
I haven't sold anything since.
Sorry to read this- absolutely sucks! What a scumbag. You can name and shame in Buyers to Avoid section, if you want! https://www.starwarsforum.co.uk/forums/sellers-to-avoid.24/
 
Thanks. I did not realize this was out there and in operation right now. I have read through it all and just done the checklist tool. I think there is a glimmer of hope for collectors selling personal possessions though. Not all collectors would be classed as this, but some of us definitely are. I ended up on this result page after answering the questions truthfully:

1729924267170.png


So this appears to be another pathway that does not have any relationship to a £1,000 yearly limit. I think the main important thing is "did you intend to buy and re-sell in order to make a profit". Most collectors could honesty say they did not. Still, I would not like to end up on any report from eBay that goes to HMRC.

You can give this a go for yourself here: https://www.gov.uk/check-additional-income-tax. Curious what others make of it ....

Cheers, Jared.
 
From the research I've done you have a limit up to £6K a year on selling personal items (as shown above), as this is the limit for inheritance income you can receive before getting taxed.

If you're a buying in new stock and re-selling it then it's a limit of £1K per year before you get taxed.

That's the way I've read it so I'm thinking things should be fine but we'll have to wait and see if the tax man comes calling. I have also heard that next year the personal tax limit will be halved to £3K, so we'll have to wait and see about that.

Ian
 
From the research I've done you have a limit up to £6K a year on selling personal items (as shown above), as this is the limit for inheritance income you can receive before getting taxed.

If you're a buying in new stock and re-selling it then it's a limit of £1K per year before you get taxed.

That's the way I've read it so I'm thinking things should be fine but we'll have to wait and see if the tax man comes calling. I have also heard that next year the personal tax limit will be halved to £3K, so we'll have to wait and see about that.

Ian
It's not as straightforward as this. You also can take into account Captial Gains Tax Free Allowance
 
It's not as straightforward as this. You also can take into account Captial Gains Tax Free Allowance
The Capital Gains Tax Free Allowance was what I was talking about, I thought you could sell up to this allowance of your old personal items before paying tax on it?
 
I think if I had enough to sell, I'd seriously consider a table at echo or similar. Everyone likes cash, so much easier...
 

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