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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4794
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have received a letter from the HMRC stating : "we believe

Resolved Question:

I have received a letter from the HMRC stating : "we believe you may be trading online" - I'm looking for some advice regarding this
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question...What do you do for a living?Have you traded online? Many thanks
Customer: replied 1 year ago.
I had been a counsellor, earning around £100- per week, but this tapered-off earlier this year (around May) - I have 2 ebay accounts which I only use to sell off unwanted items, however I believe these are both registered as "business accounts", purely to get lower transaction fees on eBay. Around August time, I began selling bitcoins via localbitcoins.com, these were acquired several years ago through mining.
Customer: replied 1 year ago.
I haven't as yet notofied the HMRC of this, & the letter arrived Friday 11th December from HMRC, asking for a reply via phone/email within 30 days
Customer: replied 1 year ago.
I am currently recieving WTC along with the disability rate due to asthma/Back problem
Customer: replied 1 year ago.
However the amount I've received from trading bitcoins does equate to around £20k +. This was received into several UK bank accounts I hold. I was under the impression that this would all be declared into my SA100, which needs to be submitted online by 30th January 2016.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.HMRC has reasons to believe you have done online trading and you have just confimred that.If all you are selling is your personal belongings then you should mention that in your reply to HMRC. Please don't ignore communication from HMRC.As far as trading bitcoins are concerned, this brief from HMRC would be helpful in ascertaining your tax implicationshttps://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies I would recommend you write to HMRC before 30 days are over and explain your trading pattern and in particular selling of unwanted items on ebay and seek clarification if you need to register for self assessment as self employed. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4794
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes

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