Are You Watching Desperate Dan?
- Thread starter BrianH
- Start date
Diamond Geezer
Gone But Not Forgotten
- Joined
- May 2, 2003
- Messages
- 13,884
This may rebound
Officials at the Treasury and the Inland Revenue are increasingly concerned that private individuals selling items for profit on eBay are not paying Capital Gains Tax on their profits.
If you buy an asset or investment then later sell it for more than you paid for it, you are said to have made a capital gain. Make enough profit in one particular tax year and you will be liable for capital gains tax.
Everyone is allowed to make a certain level of profit each year before capital gains tax is charged. The allowance is £8,200 for the 2004/2005 tax year but this allowance gets reviewed each year in the budget.
Inland Revenue officials are even more concerned by individuals who set up as traders on the site but do not pay the appropriate amount of income tax or any VAT.
Any businesses buying or selling on eBay needs to be aware of what their tax responsibilities are. The Inland Revenue has already demanded records and contact details of eBay traders, which the auction house has had no choice but to hand over.
If you’re one of the few who have had huge success on ebay and subsequently found yourself in the press, remember, the Inland Revenue read newspapers too!
Officials at the Treasury and the Inland Revenue are increasingly concerned that private individuals selling items for profit on eBay are not paying Capital Gains Tax on their profits.
If you buy an asset or investment then later sell it for more than you paid for it, you are said to have made a capital gain. Make enough profit in one particular tax year and you will be liable for capital gains tax.
Everyone is allowed to make a certain level of profit each year before capital gains tax is charged. The allowance is £8,200 for the 2004/2005 tax year but this allowance gets reviewed each year in the budget.
Inland Revenue officials are even more concerned by individuals who set up as traders on the site but do not pay the appropriate amount of income tax or any VAT.
Any businesses buying or selling on eBay needs to be aware of what their tax responsibilities are. The Inland Revenue has already demanded records and contact details of eBay traders, which the auction house has had no choice but to hand over.
If you’re one of the few who have had huge success on ebay and subsequently found yourself in the press, remember, the Inland Revenue read newspapers too!
BrianH
At the Start
The general exemption limit is £8,500 in the current tax year. If that guy sells his pound of flesh I wonder what notional profit the revenue would calculate? :lol:
Shadow Leader
At the Start
- Joined
- Nov 9, 2003
- Messages
- 9,884
Ok, what was it then??? It's been removed from the page now...
Shadow Leader
At the Start
- Joined
- Nov 9, 2003
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- 9,884
Aha, very Dante-esque....
Desperate Dan
Senior Jockey
Shouldn`t that be Desperate Dan-esque, SL 
By the way, I`ve got my beady-eyes on you lot....so don`t think your dubious activities are escaping the Taxman....especially those who get cash-in-hand at various gaff tracks for casual work. Beware the brown envelope
By the way, I`ve got my beady-eyes on you lot....so don`t think your dubious activities are escaping the Taxman....especially those who get cash-in-hand at various gaff tracks for casual work. Beware the brown envelope
Shadow Leader
At the Start
- Joined
- Nov 9, 2003
- Messages
- 9,884
Lol - very good, Dan!!
Btw, I've already been pulled up by an infamous forum pedant who said "shouldn't that be Shylock, not Dante?" but has since conceded that I could be right in thinking that Dante wrote about a pound of flesh....I'm not 100% sure though, maybe one of the more learned forumites could assist?
Btw, I've already been pulled up by an infamous forum pedant who said "shouldn't that be Shylock, not Dante?" but has since conceded that I could be right in thinking that Dante wrote about a pound of flesh....I'm not 100% sure though, maybe one of the more learned forumites could assist?