HMRC Admin 1 Response

Unfortunately it is not possible to check individual tax records through this forum. If you aren’t trading and just occasionally sell unwanted items online nothing has changed:

• Please see our 4 December 2024 press release: No tax changes for online sellers | HM Revenue & Customs (HMRC)
• We're asking online platforms to share information with us to ensure businesses operating via these platforms pay the correct amount of tax, and do not have an unfair tax advantage over high street and other traditional businesses.
• This is an internationally agreed set of rules that have been implemented in the UK. The data provided by platform operators will be broken down by quarters helping sellers make use of the data.
• Tax rules regarding selling of goods and services are unchanged. The same rules apply whether the goods or services are sold in person or through an online platform.
• We’ve published specific guidance for those selling goods and services online:
  • Check if you need to tell HMRC about your income from online platforms - GOV.UK
  • Selling goods or services on a digital platform - GOV.UK
• We have also produced a useful mythbuster video on social media for people, which can be found here.
• Whether income is taxable will depend upon the source and the specific charging provisions within the law. If the individual is just selling some unwanted items that have been lying around their home, it is unlikely that they will have to pay tax. In order to be liable to pay tax on the goods or services they sell, they either have to be trading or make a capital gain.
• Depending on the items they sell and how much they sell them for, theymay need to pay Capital Gains Tax. This applies to selling personal possessions where the item is worth more than £6,000.
• An individual would have to consider whether the activities were sufficiently organised to be a trade. Where an individual is selling personal belongings, such as the contents of a loft or garage, it is unlikely to be trading income for tax purposes. However, someone is likely to be trading when they buy goods for resale or make goods with the intention of selling them for a profit.
• Whether a trade is being conducted is ultimately a question of fact and individual circumstances should be considered and specialist advice sought if necessary.
• If the income from trading is above £1,000, an individual will need to register for Self Assessment and declare this income in a tax return.
• Most individuals have a personal allowance for the year of £12,570 which is the amount they can earn before they reach the threshold for paying any income tax. If the individual has no other income against which their personal allowances have been set, they can set unused personal allowances against this income to reduce the tax due.
• Information on who needs to complete a return can be found online: Self Assessment tax returns: Who must send a tax return - GOV.UK (www.gov.uk)
• Customers can use also our online checking tool at this link, to quickly assess whether they will need to complete a tax return.

Guidance on cryptoasset taxation is available online at Cryptoassets - GOV.UK (www.gov.uk), which also includes link to our more detailed guidance and link to a short video explaining how cryptoassets transactions are taxed for individuals.
Individuals holding cryptoassets as a personal investment would generally be subject to Capital Gains Tax on the gains they make when disposing of the asset. Disposal can include, for example, selling cryptoasset for money, swapping one type of cryptoasset for another, using cryptoassets to pay for goods or services, or giving cryptoassets away. Please note that cryptoasset services providers, including cryptoasset exchanges, are not required to collect Capital Gains Tax from their users on behalf of HMRC.
Individuals would generally be subject to Income Tax and National Insurance Contributions on cryptoassets which they received from other means, for example, from their employer as a form of non-cash payment for their employment.
Individuals may also be liable to pay Income Tax on income generated from cryptoasset-related activities, such as mining and staking rewards.
Please see the guidance for further details.  
The tax treatment of cryptoassets can be a complex area, and you may wish to consider obtaining professional advice.

Guidance on cryptoasset taxation is available online at Cryptoassets - GOV.UK (www.gov.uk), which also includes link to our more detailed guidance and link to a short video explaining how cryptoassets transactions are taxed for individuals.
Individuals holding cryptoassets as a personal investment would generally be subject to Capital Gains Tax on the gains they make when disposing of the asset. Disposal can include, for example, selling cryptoasset for money, swapping one type of cryptoasset for another, using cryptoassets to pay for goods or services, or giving cryptoassets away. Please note that cryptoasset services providers, including cryptoasset exchanges, are not required to collect Capital Gains Tax from their users on behalf of HMRC.
Individuals would generally be subject to Income Tax and National Insurance Contributions on cryptoassets which they received from other means, for example, from their employer as a form of non-cash payment for their employment.
Individuals may also be liable to pay Income Tax on income generated from cryptoasset-related activities, such as mining and staking rewards.
Please see the guidance for further details.
The tax treatment of cryptoassets can be a complex area, and you may wish to consider obtaining professional advice.

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
You are free to use any of the three rate HMRC provides, or you can use a rate obtained elsewhere, such as a newspaper or the London Stock Exchange.
or your convenience, there are exchange rates at:
The National Archives: Exchange rates from HMRC in CSV and XML format

For older rates at: The National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
You are free to use any of the three rate HMRC provides, or you can use a rate obtained elsewhere, such as a newspaper or the London Stock Exchange.
For your convenience, there are exchange rates at: The National Archives: Exchange rates from HMRC in CSV and XML format

For older rates at: The National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing

The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve.
You pay tax in the normal way on overseas property. But if you rent out more than one, you can offset losses against other overseas properties.

We are unable to provide financial advice or further interpretation of the guidance provided on GOV.UK:
Tax on foreign income: Foreign income that's taxed differently - GOV.UK

Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
You are free to use any of the three rate HMRC provides, or you can use a rate obtained elsewhere, such as a newspaper or the London Stock Exchange.
For your convenience, there are exchange rates at:
The National Archives: Exchange rates from HMRC in CSV and XML format

For older rates at: The National Archives: Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing

If you’ve registered for Self Assessment before but did not send a tax return last year, you must register again to reactivate your account.
Please see the guidance here: Check how to register for Self Assessment - GOV.UK

If you aren’t trading and just occasionally sell unwanted items online nothing has changed:

• Please see our 4 December 2024 press release: No tax changes for online sellers | HM Revenue & Customs (HMRC)
• We're asking online platforms to share information with us to ensure businesses operating via these platforms pay the correct amount of tax, and do not have an unfair tax advantage over high street and other traditional businesses.
• This is an internationally agreed set of rules that have been implemented in the UK. The data provided by platform operators will be broken down by quarters helping sellers make use of the data.
• Tax rules regarding selling of goods and services are unchanged. The same rules apply whether the goods or services are sold in person or through an online platform.
• We’ve published specific guidance for those selling goods and services online:
  • Check if you need to tell HMRC about your income from online platforms - GOV.UK
  • Selling goods or services on a digital platform - GOV.UK
• We have also produced a useful mythbuster video on social media for people, which can be found here.
• Whether income is taxable will depend upon the source and the specific charging provisions within the law. If the individual is just selling some unwanted items that have been lying around their home, it is unlikely that they will have to pay tax. In order to be liable to pay tax on the goods or services they sell, they either have to be trading or make a capital gain.
• Depending on the items they sell and how much they sell them for, they may need to pay Capital Gains Tax. This applies to selling personal possessions where the item is worth more than £6,000.
• An individual would have to consider whether the activities were sufficiently organised to be a trade. Where an individual is selling personal belongings, such as the contents of a loft or garage, it is unlikely to be trading income for tax purposes. However, someone is likely to be trading when they buy goods for resale or make goods with the intention of selling them for a profit.
• Whether a trade is being conducted is ultimately a question of fact and individual circumstances should be considered and specialist advice sought if necessary.
• If the income from trading is above £1,000, an individual will need to register for Self Assessment and declare this income in a tax return.
• Most individuals have a personal allowance for the year of £12,570 which is the amount they can earn before they reach the threshold for paying any income tax. If the individual has no other income against which their personal allowances have been set, they can set unused personal allowances against this income to reduce the tax due.
• Information on who needs to complete a return can be found online: Self Assessment tax returns: Who must send a tax return - GOV.UK (www.gov.uk)
• Customers can use also our online checking tool at this link, to quickly assess whether they will need to complete a tax return.

Hi Kai
The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve.
We are unable to provide financial advice or further interpretation of the guidance provided on GOV.UK:
Tax if you leave the UK to live abroad - GOV.UK
Get your Income Tax right if you're leaving the UK (P85) - GOV.UK

Additionally, it is not possible to check individual tax records through this forum. For queries relating to your personal tax situation or tax code please contact our helpline please contact our helpline.

The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve. We are unable to provide financial advice or further interpretation of the guidance provided on GOV.UK:
Work out your rental income when you let property - GOV.UK