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Warning for UK traders on ebay about new tax software
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Just had a visit from my Brother who works for HMRC, he was telling me about a new software program they have been working on that tracks all ebay transactions and checks them against your tax return.
So just a warning for anyone buying and then selling cards on ebay that the taxman will be watching you.

This only applies to people who buy cards and then sell them for a profit. If like most of us its just a hobby but you end up selling some cards, you dont pay tax on that.

If however you buy a card and then immediatly sell the card for a profit you are liable for tax. Flippers beware.

They are also looking at checking social media. So anyone not paying tax and tweeting about their new porsche may get an uninvited visit. Big brother is indeed watching Smile
 
Posts: 116 | Location: United Kingdom | Registered: June 13, 2012Reply With QuoteReport This Post
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The tax Nazi's would be better served going to visit HSBC and various large company chairman than bothering with normal folks making a few quid off a trading card.

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Posts: 28568 | Location: wolverhampton staffs uk | Registered: July 19, 2002Reply With QuoteReport This Post
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^ Couldm't agree more. Neuter the Fat Cats and major corporations, not the little guy trying to get by. Viva La Revolution!
 
Posts: 235 | Location: UK | Registered: March 31, 2008Reply With QuoteReport This Post
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Great, another idea for the IRS. Wink
 
Posts: 8800 | Location: New York | Registered: November 20, 2007Reply With QuoteReport This Post
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what gets me is anytime there is some poster or ad about tax etc they show some market trader or other sole trader like its them who are the problem and not their corporate mates we read about in private eye.

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Posts: 167 | Location: uk | Registered: December 26, 2003Reply With QuoteReport This Post
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given there are hardly any card dealers left in uk seems an atomic bomb to crack a peanut? for 7 years i made more money than amazon and sky filed they did. i paid tax on my small turnover on their billions they didn't.

____________________
How many cards do you have in your collection?:

...if you can count them you haven't got enough.
 
Posts: 167 | Location: uk | Registered: December 26, 2003Reply With QuoteReport This Post
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I have only highlighted how it effects card traders. The actual system is called connect, if you search hmrc connect theres a few bits of info on it around the web.

They of course target normal people, because if we get a tax bill, we pay it. If rich people and companies get tax bills they hire the best lawyers to fight it.
 
Posts: 116 | Location: United Kingdom | Registered: June 13, 2012Reply With QuoteReport This Post
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