Hi
My GF has just had a HMRC letter
Please tell us about income you’ve earned from online marketplace sales up to the tax year ending 5 April 2023
Thats 25k on various stuff clothes, music gear, make up trainers some new stuff but the majority is all used stuff
The problem is we don’t have receipts for all the items we have sold as some are years old
We dont know where to start or what to do so any advice would be helpful
Thanks
If you can’t access the sales data from your accounts for these marketplace websites then you might be able to make a support request to get that data i.e. an itemised list of sales.
I just printed out my reverb form for sales that I have to list. Something like 45K. All those were from things I bought which were all more expensive so I lost on all of them…will put the addition and the deduction on my return. If I ever get audited, there were dozens of items I bought and sold…I never keep the receipts from when I purchase stuff, it’s all online. Reverb, Sweetwater, etc. So, I’d have to go through my accounts and spend hours finding the purchases to prove I made no profit.
I think I’m done buying and selling gear!
no deduction on personal property loss is so dumb. Why cant i be a corporation too
I can get the data but the problem is how do i prove how much i paid for all the items that i sold
Some i can account for but some were bought years ago others were bought with cash no receipts etc
Me too. They’re certainly not making it easy these days.
This
Ive bought from ebay gumtree reverb facebook how do they expect me to go back years to find what i bought and how much for
There going after the wrong people here
Main advice - call hmrc
If possible try this - I’ve been dealing with HMRC for twenty-odd years and often the best thing to do is to call them (assuming you don’t have to wait for 50 minutes for someone to answer of course…).
Let’s keep any advice offered here strictly above board and pertinent only to the specifics of the established situation !
I’m not suggesting anything underhand. I’m basing it on getting correct advice from accountants as to what the poster should / needs to disclose. Being aware of the law and what’s required is just sensible.
The law hasn’t changed here.
You should consider deleting this thread and discouraging further tax related threads.
The reason is that tax compliance is a complicated subject within a single jurisdiction. American tax compliance is different from English is different from Swedish is different from French. In some countries, you just follow the documents offered on a government website. In other countries, you work with a dedicated professional. What is appropriate in one area may seem incorrect from another perspective. Thus it is a poor topic for an international music forum.
It will also vary depending on a person’s various other circumstances. Offering anything other than the most general advice is not advisable.
Thanks for the advice as always
Delete if required im going to have to seek professional advice
Just a heads up be careful what you sell online as the HMRC are wanting there cut even on S/H goods
Wow. The flagged post did not warrant flagging.
The most general advice in almost any region is that sales and purchases above a certain threshold, or totaling above what the marketplace is required to report, may get you flagged for review.
If a human sets eyes on you, the problem becomes much greater than getting skimmed over by an algorithm.
Good luck OP, I think that to seek professional advice, is the best advice that anyone can give you, thus you have advised yourself commendably.
How did you get flagged by HMRC was it just ebay automatically declaring high volume sellers?
I’m interested to see what happens … as ‘hmrc’ is a uk term I presume people would stick with uk relevant advice …
I think uk are possibly updating the amount people can ‘earn’ on side projects , 25k seems like a lot , atm I think it’s about 1k a year. ( much less than I thought)
I appreciate it’s not a finance based forum but I haven’t muted it 
Yet.
raise to £3,000 by the end of 2029 