Is the taxman really going after Ebay sellers?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 5 January 2024

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Have you ever sold anything on Ebay, Vinted or Facebook Marketplace to make a bit of extra cash?

Those who do may have been worried this week, as news that the websites will now be required to report sellers' activities to the taxman caused panic online.

So what are the rules - and is HMRC really going after people who sell the odd frock or mobile phone?

In this week's episode, Lee Boyce, Helen Crane and Georgie Frost explain what's really happening, how to tell if you are a 'trader' - and why most people having a clear-out of their old clothes won't need to worry.

Mortgage lenders have started 2024 with a bang, with the likes of HSBC, NatWest and TSB announcing rate cuts left, right and centre.

There is now a five-year fix with a rate of 3.94 per cent - so what does that tell us about how low the base right might go this year, and will these cheaper home loans start to drive up house prices again?

As we get back to reality after the festive break, we are also approaching Divorce Day. The first working Monday of the year is supposedly when unhappy couples are most likely to call it quits.

If that is you, we are on hand to explain what you need to know about splitting your property, pension and more with an ex.

Finally, Lee, Helen and Georgie discuss what they learned about their finances in 2023 - and the mistakes they won't be making again this year.

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Lee Boyce. Today is Helen Crane. And coming up, Happy New Year everybody. Well, not if you sell old clothes and the like. HMRC could be coming after you. Also today, HSBC announces their latest mortgage rate cuts, including a sub 4%
0:21.6	and lenders keep cutting.
0:23.6	But will a fall in rates drive up house prices?
0:27.6	Tis the season for divorce.
0:29.6	We tell you how you can try to make a clean and fair financial break, and we share our money
0:34.2	lessons, reminders and tips from 2023. Don't forget yourself today with all the latest breaking money news. Just go to this ismoney.co.com
0:42.3	or download the app. Don't forget, you can stay on top of what's going on in the markets by tuning in the Digest and Invest podcast by Itara. Go to your regular podcast platform and listen on the go. Digest and Invest by Itoro, the podcast for those interested in trading and investing.
0:56.8	But first, have you ever sold anything on Etsy or Vinted or Facebook Marketplace just to make a bit of extra cash?
1:04.3	Well, now the taxman could be after you. H.MRC has started cracking down on online resellers who failed to declare their income through
1:11.5	digital platforms. So will anyone doing a clear-out selling unwanted gifts be stung with additional
1:18.5	taxes? Lee, you wrote the book on how Never to Go broke. And I'm pretty sure there might
1:25.7	have been a section or two. It's been a couple of years since I read it, sorry, there might be a section or two it's been a couple of years
1:28.0	since I read it sorry there might been a section or two about reselling are you just walking
1:32.1	into a tax trap well this story georgie this is not the new year i was expecting the story to
1:39.4	sort of of blown up this week's and happy new year by the way sorry i forgot to say that
1:43.6	as we just done um yeah so this this really did the rounds this week. It was a happy new year, by the way. Sorry, I forgot to say that. I was just done.
1:47.7	Yeah, so this really did the rounds this week.
1:48.7	It's social media.
1:49.6	It sort of caught a light.
1:50.3	It went viral.
1:57.0	Lots of people very upset that the tax man is looking like it's targeting, you know,
2:02.3	basically just everyday people that might be having an attic clear out, they might be,
	...

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