Martin Lewis has issued an important message to anyone selling items on popular platforms like eBay, Etsy, Depop, and Vinted.
The financial expert took to X to clear up confusion about new rules requiring these companies to share sellers’ earnings with HM Revenue and Customs (HMRC).
In a brief video clip from ITV’s The Martin Lewis Money Show Live, Lewis explained the changes, reassuring casual sellers that most of them have nothing to worry about.
The clip, captioned “Why most SHOULDN’T worry that eBay, Etsy, AirBnB etc must now share your sales data with HMRC, a speedy briefing…”, quickly gained attention from concerned users.
Lewis said: “Airbnb, eBay, Uber, Vinted, and similar have to share your earnings with HMRC due to an international rule change.
“In January last year, they had to start collecting data. By this Friday, they have to start sharing it.”
He added that the platforms will report your data if you’ve sold over 30 items or earned more than £1,700 in a year.
However, Lewis stressed that while the reporting rules have changed, the tax rules themselves have not.
The financial expert explained: “Tax is only due for those who are traders. That is, people who are deliberately buying stuff in order to sell it for a profit or building and repairing items to sell for profit.”
Addressing concerns from casual sellers, Lewis reassured viewers: “If you’re just clearing out your wardrobe, it’s your stuff – you didn’t buy it for profit, so you’re absolutely fine.”
This means people selling personal items they no longer need won’t be liable for tax.
However, for those who do trade items for profit, Lewis reminded them of the existing tax obligations.
“If you are trading, selling for profit, you can sell a maximum of £1,000 a year of stuff, including platform fees, before you become liable to pay tax.
Above that, you are – and have always been – eligible to pay tax. But now they’re reporting it, so be extra careful.”
