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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5141
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

you may be trading online"... Show More
you may be trading online" - I'm looking for some advice regarding this
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Ask Your Own Tax Question
Thank you for your question...What do you do for a living?Have you traded online? Many thanks
Customer reply replied 2 years 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, these were acquired several years ago through mining.
Customer reply replied 2 years 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 reply replied 2 years ago.
I am currently recieving WTC along with the disability rate due to asthma/Back problem
Customer reply replied 2 years 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.
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 implications 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.
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