Martin Lewis explains new tax rules to anyone making money on eBay ahead of Friday deadline Martin Lewis has explained how new tax reporting rules for eBay, Vinted and other selling platforms work ahead of the self-assessment deadline.
However, if you're just selling your unwanted belongings, then you're unlikely to be liable to pay tax - only those who are considered to be “trading” will likely need to pay tax - so for example, if you’re buying goods with the intention of selling them on for profit.
Speaking during his Martin Lewis Money Show Live broadcast on ITV this evening, Martin said you will only have your information passed on if you're selling 30 or more items a year or have made over the equivalent of €2,000 (around £1,700).
You may have to pay tax if you earn £1,000 in one tax year from selling - this is known as your Trading Allowance.
That is people who are deliberately buying stuff in order to sell it for a profit, or building and repairing it in order to sell it for a profit, not [my producer] Alex, who was telling me she cleared out a wardrobe and was worried.
