Frequent Traders & Sellers - Be AWARE !!

[Pete]

HMRC has launched a new 'one-to-many' letter campaign from the week commencing 16th January.
It is expected that thousands of letters will be sent out to individuals who have earned a certain amount of money from selling items or services online.

The first letter is aimed at those who have sold items or services through online marketplaces, such as eBay or Etsy.
HMRC has stated that they only intend to contact those whom they believe have earned more than £12,570 from their online sales.
However, the exact time period that these earnings were generated is not specified in the letter.

In addition, HMRC will only be able to contact individuals whom they have correctly identified, which may prove to be challenging due to people not always operating under their full given name, or not providing all the necessary information when registering on a marketplace or platform.

The nudge letters state that HMRC believes the individual has not declared all or some of their online income, and ask them to make a disclosure using the digital disclosure service (DDS) if this is the case. It is important to note that the gross sales figure provided by HMRC does not necessarily equate to taxable income.

[Solachesis]

I should be good, any profit I made was instantly mitigated by the losses I take on the other 98% of the coins I sell.

That, and I'm not shifting anywhere near the threshold.  

[Petra]

Well they must have a pretty good idea about who they are looking at as your payments go into a bank account?

[ArgentSmith]

Something I was thinking about today, happen to know a chap who was hit with a giant tax bill out of the blue although he was literally trading on eBay and not PMs. Someone told me eBay notify over 20K clearly lower. Also not sure when Banks dob you in. Problem with PM stackers/collectors a few sales to tidy up the stack can raise unwanted flags without much in the way of profit.

 

[Zeuk]

The nudge factory have to earn their wooden dollars ... shameful how HMRC use these to bully and manipulate the emotions of the general public meanwhile the ex CX engages in evasion that would end any normal being with a record.

[stackerp5]

On 25/01/2023 at 15:19, Solachesis said:

I should be good, any profit I made was instantly mitigated by the losses I take on the other 98% of the coins I sell.

That, and I'm not shifting anywhere near the threshold.  

Same 😂

For me it's volume and small margins, if any sometimes!

Edited February 9, 2023 by stackerp5