£1000, £1740 or 30 Sales...Which One Is Correct?

All 3 are correct...

They just mean different things. 

• £1000 is the taxable threshold for HMRC

• £1740, or over 30 sales is the reporting threshold for eBay etc.

So, if you exceed more than 30 sales or £1740 in trading income, eBay will send your data to HMRC.

If you are then found have crossed the HMRC taxable threshold of $1000, tax may be due.

*Note: £1740 seems an odd number, but it's based on €2000 Euros.

Platform Thresholds...

The £1,740 (or €2,000) rule applies per platform.

Under the new DAC7 reporting rules, every online marketplace must report certain sellers’ details to HMRC individually. That means each platform — eBay, Vinted, Etsy, Amazon, Depop, Airbnb, and others — looks only at the sales made through their own site.

So it’s “whichever comes first” — either the number of transactions or the total value.

If you pass the reporting threshold on any platform, that platform will send your details to HMRC.

To confuse things further, each marketplace must report your details if, in a calendar year (January to December).

This is despite the HMRC tax year running from April to April!

HMRC Threshold

This is current;y £1000 in total trading income (not personal sales) and refers to total sales value and includes any fees you may have charged the customer.

**Even if you haven't crossed the HMRC threshold they might still ask you to fill out a self-assessment tax return. So you need to know your numbers.

Example

In this case, eBay and Other would report you to HMRC, but Vinted and Etsy wouldn’t.

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