Martin Lewis points pressing deadline warning to | U.Okay.Finance Information
Martin Lewis has issued a main warning to anybody promoting objects on eBay, Vinted and different related platforms, in addition to these renting their houses out on Airbnb.
The personal finance knowledgeable revealed on ITV that corporations like eBay, Vinted, Airbnb and even Uber have needed to gather gross sales information, and from January 31 they should share that information with HMRC.
The consequence, the Cash Saving Knowledgeable stated, was that sellers utilizing the apps and web sites “to make a profit” might discover themselves paying more in tax after the tip of the month.
“They will pass on your data [to HMRC] if you’re selling over 30 items or over about £1700 a year – but crucially the tax rules have not changed”, he stated.
Nonetheless, he rigorously defined that not everybody promoting on platforms like eBay would incur prices.
“Tax is only due for those who are traders. That is people who are deliberately buying stuff in order to sell it for a profit”, he stated.
“Not Producer Alex who told me she cleared out a wardrobe and was worried. You cleared out your wardrobe, it’s your stuff, you didn’t buy it for profit – you’re absolutely fine”, he added.
Mr Lewis, who runs moneysavingexpert.com, stated: “Now if you are trading – selling for profit – you can sell a maximum of £1,000 a year of stuff, including platform fees.
“Above that you simply, and have at all times been eligible to pay tax. However now they’re reporting it so be additional cautious”.
The deadline passes on January 31 this week, which means sellers solely have two days left earlier than corporations start reporting to HMRC.
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