Squeaky bum time

[argentumandcoins]

No, it has nothing to do with the Premier League run-in!

I just logged onto my ebay account and saw the nice message from HMRC about online selling. It appears that they are going to start to get their teeth into anybody who buys and sells online, and I mean anybody! When you read the terms of online trading it will certainly affect 99.9% of the sellers on ebay (yes even you fellow members who use it to move on swaps).

It appears that you have until 14/06/12 to declare your interest and benefit from a preferential agreement, after that your ass is grass. Thankfully it won't affect me at all as I have to declare every cent already. I predict a few high profile court cases fairly quickly this year and after that we should start to see a decline in the peddlars of shite that flood the pages with "£9.99 1967 pennieys from mye granmars draw wot she have had sinse they was maded"

Thank you HMRC, thank you.

Edited May 14, 2012 by argentumandcoins

[TomGoodheart]

Does that mean I can offset all my losses against purchases? WooHoo! More money from the gummint!

Or ... maybe not. I have always assumed that money I make from selling a coin (imaginary though that might be) counts as a capital gain. And as I'm preeeeeety sure that my gains for this tax year are under £10,600, I'm hoping I don't need to worry.

And there's also the fact that HMRC haven't sent me a message yet .. I wonder if there's a particular category of seller on ebay that gets them?

Or it might just be that I never log off ... so never log in again!

Edited May 14, 2012 by TomGoodheart

[azda]

Nothing here either

[Accumulator]

No, it has nothing to do with the Premier League run-in!

I just logged onto my ebay account and saw the nice message from HMRC about online selling. It appears that they are going to start to get their teeth into anybody who buys and sells online, and I mean anybody! When you read the terms of online trading it will certainly affect 99.9% of the sellers on ebay (yes even you fellow members who use it to move on swaps).

It appears that you have until 14/06/12 to declare your interest and benefit from a preferential agreement, after that your ass is grass. Thankfully it won't affect me at all as I have to declare every cent already. I predict a few high profile court cases fairly quickly this year and after that we should start to see a decline in the peddlars of shite that flood the pages with "£9.99 1967 pennieys from mye granmars draw wot she have had sinse they was maded"

Thank you HMRC, thank you.

It doesn't really affect me as I don't tend to sell, but I read about it earlier. Another example of the Big Brother state running a coach and horses through our privacy. The Daily Mail reports:

Ebay and Amazon have been ordered to surrender tens of thousands of members’ details to the taxman as part of a crackdown on online trading.

HM Revenue and Customs has issued legal notices asking for the data, including names and email addresses.

Companies that do not comply promptly could be fined £300, with an additional £60 per day if they fail to respond by the end of the month.

Taken together with the access to online data obtained by the government announced in the Queen's Speech this, to me at least, is a very worrying trend.

[Coinery]

I wondered how long it would be before they made an easy killing on eBay! Bad news for Ebay's income I would think? Does this mean £1 listing fees and 20% final value fees to offset their losses in revenue, greedy bar stewards that they are?

[azda]

Final value fees on coins is 10% plus PP fees 3.5%

This will no doubt rise when people stop listing shortly. Maybe this is the reason Mr X has stopped listing on his eBay name to.

[Peter]

Final value fees on coins is 10% plus PP fees 3.5%

This will no doubt rise when people stop listing shortly. Maybe this is the reason Mr X has stopped listing on his eBay name to.

Just cut out crap.My brother in law was high up in the simple service (never understood why) as he spent most of his time in France or Florida.....bleedin flexi hours and final salary pension.After spending 10 years (post Uni)in India consuming large quants of black.He got 1st class train travel and trips all over the world (to see how they did it).Now early retired on a huge lump sum and fantastic pension he is now a consultant for them at £1k per day plus expenses.Trouble is the bosses up the line (he is near the top offer silly bonus to justify their own)

Even back in the early 90's a London (pretty face & tight Ummm)secretary earned 19k bonus and I was professional guy not in the money market earning about twice this.

The taxman has demanded £1.5k from my dinner lady wife (who was a director of my company)and then repaid it and then claimed it and repaid again.

Next time I will f*** em till they pop.

If those a*rseholes take on Ebay sellers...personally I feel quietly confident.

Rant over

[declanwmagee]

Cripes!

better do some research...everything I do is off the record, not just coins!

[choolie]

Yes the taxman allways needs more money to throw down the drain

[Coinery]

Cripes!

better do some research...everything I do is off the record, not just coins!

Typical traveller type! Never to be trusted!

[argentumandcoins]

Cripes!

better do some research...everything I do is off the record, not just coins!

Declan with your lass been from Aspatria I would have thought that you would know full well "COUGH NOWT" What they can't prove they can't charge you with! Now you'll have to go on the run in your bus!

[Chris Perkins]

Of course in Germany they've been hot on this from the moment eBay was invented! I have to list and declare everything so they can take the standard 7% VAT on coins added to the 13% ebay/paypal and of course income tax from the total profit and there you have it, that's the reason I rarely sell coins on ebay, prefering to make my own website do the work!

[1949threepence]

All this clampdown on small time people is to pay for the greedy banks and their profligacy.

I notice the government isn't getting tough on them paying back to the good old taxpayer, all they milked off them to bail them out. Not a single bloody word about that.

[Peter]

Don't be afraid of the taxman.I had my 1st brush with them in 1987 when I rented out a house whilst I worked away.More recently by paying corperation tax you just need a good accountant.

Don't worry about threats,just make contact and speak to someone(good idea to confirm the conversation).They usually aren't the brightest and a bit of nous goes a long way.Read Money saving expert and pick up some good tips.

Get your money out of the banks and obvious pots and buy rare coins/furniture/antiques.Really would the taxman know about rare varieties.

The worlds financial markets are still going into meltdown.Fill yer cellars with tinned food, alcohol and quality cigars.

[Coinery]

Of course in Germany they've been hot on this from the moment eBay was invented! I have to list and declare everything so they can take the standard 7% VAT on coins added to the 13% ebay/paypal and of course income tax from the total profit and there you have it, that's the reason I rarely sell coins on ebay, prefering to make my own website do the work!

I didn't think there was VAT payable on collectables, please tell me this is just Germany we're talking about?

[argentumandcoins]

Of course in Germany they've been hot on this from the moment eBay was invented! I have to list and declare everything so they can take the standard 7% VAT on coins added to the 13% ebay/paypal and of course income tax from the total profit and there you have it, that's the reason I rarely sell coins on ebay, prefering to make my own website do the work!

I didn't think there was VAT payable on collectables, please tell me this is just Germany we're talking about?

The buyer does not pay the VAT Stuart. UK dealers all work on the VAT global accounting and Margin Schemes. It means we cannot charge VAT to the customer or we end up paying the full rate on every penny we take in rather than on the profits we make. That's assuming that your dealer is VAT registered of course.

[Coinery]

Of course in Germany they've been hot on this from the moment eBay was invented! I have to list and declare everything so they can take the standard 7% VAT on coins added to the 13% ebay/paypal and of course income tax from the total profit and there you have it, that's the reason I rarely sell coins on ebay, prefering to make my own website do the work!

I didn't think there was VAT payable on collectables, please tell me this is just Germany we're talking about?

The buyer does not pay the VAT Stuart. UK dealers all work on the VAT global accounting and Margin Schemes. It means we cannot charge VAT to the customer or we end up paying the full rate on every penny we take in rather than on the profits we make. That's assuming that your dealer is VAT registered of course.

No, I meant as a seller. In 1996 I had a little wobble with the tax man, and have played him at his own game ever since! If I as much sell a lightbulb to a neighbour, I factor in the wear on my shoes walking to his house, how much space it took up in my own home, to the toilet roll I wrapped it up in to delivery it safely to his door...profit .75p, expenses .76p!

I am below the VAT threshold, but this doesn't always mean you're not affected by it. I had a scare for a moment, thinking there was a 7% figure I'd overlooked, that customs would come knocking for one day! Hopefully I'm right in thinking this is not applicable to me, as I've never used an accountant, not ever, but probably should one day if I wish to remain an ageing stress-free hippy!

[bagerap]

Whatever the taxman wants from me, he can have. In Churchill crowns and '67 pennies.

[argentumandcoins]

Of course in Germany they've been hot on this from the moment eBay was invented! I have to list and declare everything so they can take the standard 7% VAT on coins added to the 13% ebay/paypal and of course income tax from the total profit and there you have it, that's the reason I rarely sell coins on ebay, prefering to make my own website do the work!

I didn't think there was VAT payable on collectables, please tell me this is just Germany we're talking about?

The buyer does not pay the VAT Stuart. UK dealers all work on the VAT global accounting and Margin Schemes. It means we cannot charge VAT to the customer or we end up paying the full rate on every penny we take in rather than on the profits we make. That's assuming that your dealer is VAT registered of course.

No, I meant as a seller. In 1996 I had a little wobble with the tax man, and have played him at his own game ever since! If I as much sell a lightbulb to a neighbour, I factor in the wear on my shoes walking to his house, how much space it took up in my own home, to the toilet roll I wrapped it up in to delivery it safely to his door...profit .75p, expenses .76p!

I am below the VAT threshold, but this doesn't always mean you're not affected by it. I had a scare for a moment, thinking there was a 7% figure I'd overlooked, that customs would come knocking for one day! Hopefully I'm right in thinking this is not applicable to me, as I've never used an accountant, not ever, but probably should one day if I wish to remain an ageing stress-free hippy!

If you look at the HMRC website VAT is due if you earn over the threshold (Either £75k or £72k, I forget what the threshold is). After that you should be registered for VAT and pay at 20% on everything you take. Antique/stamp/coin dealers etc can opt to use a different scheme or 2 different schemes concurrently. It's a pain in the posterior keeping on top of it but it saves any grief at a later date.

The new selling rules are going to hit anybody that buys to sell or is a regular seller. I only skim read the HMRC blurb on it because it does not apply to me as I am already registered with them.

The way I understand it is that people like Declan will be liable for 20% at the base rate on anything they earn over the personal allowance.

Edited May 15, 2012 by argentumandcoins

[azda]

Ok, just read a little bit on this. It seems letters have been sent to 32,500 people who buy on ebay to sell on at a profit on ebay.

eBay Traders in HMRC Tax Spotlight HMRC’s ongoing crackdown on tax dodgers is targeting regular eBay traders and those who buy items to sell them on at a profit.

If you are a regular eBay trader and haven’t been declaring your income it may lead to a very unpleasant surprise. It is believed that HMRC have written to 32,500 people who haven’t paid all the tax they owe.

From May 3rd letters should land on doormats which will allow eBay traders the chance to pay up now and benefit from reduced penalties. If sellers fail to come forward and HMRC has evidence they have not paid the right amount of tax, they will be hit with a much higher tax penalty and could face potential criminal proceedings.

Those who fail to come forward by the 14th June deadline outlined in the letter face a penalty of between 40% and 100% of the tax due, as opposed to just 10% or 20% if they put things right now.

eBay traders are the latest group to be targeted by HMRC, which has previously had in its sights plumbers, doctors, dentists, home tutors, market stall holders, car sales people and those with money offshore.

Marian Wilson, head of HMRC Campaigns, said: “This campaign is part of a wider HMRC initiative to provide support and guidance to the public on tax evasion and is aimed at people using online marketplaces to buy and sell goods as a trade or business and who fail to pay the tax owed.

[Peter]

Flat rate VAT can be paid on smaller traders...doesn't help with coins.Basically I pay x% on my accountants figures and charge 20% for my services.The balance can usually pay for your accountant. .There is also a fine line between employed and freelance risk taker.IR35

.The benefits of freelance Ltd are VAT Corperation tax at 21% and employing your wife as a director and paying yourself a minimum wage.

There are so many loopholes that I doubt anyone capable of earning a reasonable sum can't sort him/herself out.

The government employs thickies in the main....nothing new there

[choolie]

Flat rate VAT can be paid on smaller traders...doesn't help with coins.Basically I pay x% on my accountants figures and charge 20% for my services.The balance can usually pay for your accountant. .There is also a fine line between employed and freelance risk taker.IR35

.The benefits of freelance Ltd are VAT Corperation tax at 21% and employing your wife as a director and paying yourself a minimum wage.

There are so many loopholes that I doubt anyone capable of earning a reasonable sum can't sort him/herself out.

The government employs thickies in the main....nothing new there

that's right in fact in reality all areas of the civil service exist to keep people employed and invoved in the economy, it usually has nothing to do with whatever that department is supposed to be doing.

[Peckris]

All this clampdown on small time people is to pay for the greedy banks and their profligacy.

I notice the government isn't getting tough on them paying back to the good old taxpayer, all they milked off them to bail them out. Not a single bloody word about that.

Hear bloody hear. And all that nonsense about paying bonuses "to attract the best talent" - oh suuuuuuuuuure, the kind of talent that sees an investment instrument rated AAA that's actually backed up by sub-prime mortgages, and hedges it to their own bank to offset the losses when the mortgage market goes belly up, then creams off all the profit from that safe gamble, and laughs all the way to the ... well, er, bank. "OTM". "Other People's Money". That's all they care about the likes of you and me.

[Peter]

Peck

Just get on the gravy train.Don't blame a capitalist system.What I hate is envy/jealousy I went to Shite schools run by leftie do gooders.

I was a year late to be able to take the 11+ and ended up in a class of 40 based in a corridor at my middle school.It was a wasted 2 years and held back from learning.

There were slow and fast learners in the class and EVERYONE suffered.

I have 2 daughters,one is very bright the other is indifferent but compassionate both have merits and demerits.I wouldn't change them for all the copper in Robs collection

My wife and close friends are Public school.There are a few of us compi made good.

OK I never want to see labour tripe in power again.We are not all equal and that is a fact.

I could go on but my 1/4d's are calling out.

[argentumandcoins]

All men were created equal, it's just that some are more equal than others.