eBay sellers have received a warning from HMRC to submit their self-assessment tax returns by January 31, particularly those earning over £1,000 from sales. This includes individuals selling personal items as well as those operating small businesses through crafting or service provision. Fines apply for late submissions, beginning at £100 and escalating with time. Sellers are advised to file returns even if they believe no tax is owed, to clarify their tax obligations with HMRC and avoid penalties.
Anyone who still need to act can submit their tax returns and pay any tax owed online at GOV.UK. Anyone who needs to file a tax return and doesn't do so by January 31 can be fined 100.
If you're making items yourself - you're now running a (potentially very) small business, and you can factor in your materials and other costs.
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