Many taxpayers have been receiving this email alert from HMRC :
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You have a new message from HMRC about Self Assessment.
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Why you got this email
Question: You do a little bit of buying and selling on ebay (or other sundry sales/income earned) and make a few hundred pounds per year profit on this. Do I need to declare this on my tax return?
I’m often asked this question by clients – although most of them hope dearly to make more than a few hundred pounds with their writing! – but in some cases it doesn’t go that way. HMRC recently brought in a new allowance to cover these sundry sales. There’s more detail on the HMRC website
, and I’ve also excerpted a good summary below from JF Financial, an online accountancy practice. One important thing I’d ask you to bear in mind – this allowance applies to your PROCEEDS, not the profit you make.
This is the face of your future communication with HMRC on any kind of tax. They would like us all to communicate online, via a GOVERNMENT GATEWAY NUMBER.
From there you can set up an online account called a Personal Tax Account, so you can access at any time your tax position.
You can also use it to register for self-employment, including the range of taxes that may then be applicable. You can monitor these taxes through your Business Tax Account, including making your regular payments.