Great news. Ebay drops seller charges!

[winjohn]

I worry slightly at the moment because I have built up a collection of over thirty bikes in the last twenty years but now I am trying to get down to single figures. At a rough guess that could easily be £3,000 worth of sales...enough for Mr HMRC to be interested in perhaps?

 

[d8mok]

I worry slightly at the moment because I have built up a collection of over thirty bikes in the last twenty years but now I am trying to get down to single figures. At a rough guess that could easily be £3,000 worth of sales...enough for Mr HMRC to be interested in perhaps?

You’ll get a letter asking if you have anything to declare. Just reply with no. The rules have not changed, it’s just now eBay reports your sales over the threshold

 

[bikeworkshop]

I worry slightly at the moment because I have built up a collection of over thirty bikes in the last twenty years but now I am trying to get down to single figures. At a rough guess that could easily be £3,000 worth of sales...enough for Mr HMRC to be interested in perhaps?

If you bought them as a hobby, and sold them off because you'd gone off them, grown up or something then it's like antiques, Capital Gains Tax iirc

Your first 3,000£ is exempt, so you should be ok.

Beyond that you can offset the initial purchase cost...

Let's face it that's probably £3500

We can probably all claim a rebate!

If you did make over 3k profit selling personal collectable bikes in a year, just pay the tax
Someone needs to.

 

[d8mok]

If you bought them as a hobby, and sold them off because you'd gone off them, grown up or something then it's like antiques, Capital Gains Tax iirc

Your first 3,000£ is exempt, so you should be ok.

Beyond that you can offset the initial purchase cost...

Let's face it that's probably £3500

We can probably all claim a rebate!

If you did make over 3k profit selling personal collectable bikes in a year, just pay the tax
Someone needs to.

Isn’t it items £6k upwards? And you can still deduct a whole host of things.

And I’m still not sure that a bicycle would be be under Capital gains. It’s an item of limited lifespan surely which is 50 years and under same as you don’t pay it on a car.

 

[Betsy]

A couple of years ago i bought some SimWorks pedals from Blue Lug for less than £60, i never used them, they were still in the box so put them on eBay for £85 with free UK shipping (RRP is £90 + ship in the UK) i even wrote in the listing that i bought them from Blue Lug (who offer worldwide shipping) and they're still in stock..

They sold to a guy from Poland who was very happy with them but because he'd paid for eBay to facilitate GSP the cost to him was £118.. why did he not buy them from Blue Lug or the US or even Freshtripe?

@Piotr any ideas?

 

[bikeworkshop]

Isn’t it items £6k upwards? And you can still deduct a whole host of things.

And I’m still not sure that a bicycle would be be under Capital gains. It’s an item of limited lifespan surely which is 50 years and under same as you don’t pay it on a car.

That's true they say 6k:

Capital Gains Tax: what you pay it on, rates and allowances

What Capital Gains Tax (CGT) is, how to work it out, current CGT rates and how to pay.

www.gov.uk

Let's hope they don't think a bike collection is a single item

The digital world is going to make casual traders a lot more visible.
From my perspective that's a good thing, but it will cause headaches for a lot of genuine collectors.