Ebay Sellers Beware - 6/10/04

Officials at the Treasury and the Inland Revenue are increasingly concerned that private individuals selling items for profit on eBay are not paying Capital Gains Tax on their profits. These officials are even more concerned by individuals who set up as traders on the site but do not pay the appropriate amount of income tax or any VAT.

Any businesses buying or selling on eBay needs to be aware of what their tax responsibilities are. The Inland Revenue has already demanded records and contact details of eBay traders, which the auction house has had no choice but to hand over. If you’re one of the few who have had huge success on Ebay and subsequently found yourself in the press, remember, the Inland Revenue read newspapers too!

Quick Links: Inland Revenue | Ebay

Written By Simon Johnson
Xbridge Decision Finance

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