IMPORTANT – You Need To Know These Rules When Selling Gold or Silver…

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So 2024 has kicked off with an interesting change in how we might sell stuff and I don’t mean through my backyard boy and bias card but I mean generally we are now facing much more reporting to our tax authorities on anything that we might sell through any platform we can theoretically have all

Of that data reported to hmrc and some people out there might end up being stung by some unexpected taxes that they really should be aware of right now so in today’s video I want to go through some of my interpretations of the system right now how it is what we do and how

We can make sure that we’re following the rules and doing things correctly and paying what we have to pay but also making sure that we don’t get it wrong hello everybody backyard bullion here and Welcome to our first precious metal ramble of 2024 so there are a few different post

Flying around various social media platforms about some changes to tax reporting and selling stuff whether it be precious metals or just old bits of clothing or whatever it is if you’re selling on platforms like eBay or anywhere quite frankly you may have to start thinking about doing a tax form

And that might sound scary and it might sound ridiculous and it might it might sound like the government just trying to get their grubby little hands on as much money as they possibly can but it’s not always as scary as some people think and I’m here to hopefully give you all a

Little bit of insight on my interpretations of a lot of the things that are going on please bear in mind that I am not a qualified Tax Advisor I am simply sharing my interpretations of how things run for me for the last couple of years because these are not

New things that have come in there are not new measures that put restrictions in place on how much you can sell as a private person these have been there for a while the difference is and this is thing that a lot of people are not a fan

Of is that these platforms eBay Amazon wherever it may be Facebook Marketplace are now required by law to give hmrc our tax Authority here in the UK information about the sales that you make and if you have sales of over ,000 which as you can think about if you sell a gold coin

You’re already over that limit and that’s not profit by the way that’s gross sales then you are required perhaps to register for taxes and register and put that information through on a tax form once a year and failure to do so could potentially yield some fines or even um potential other

Punishments it’ be quite extreme for somebody to maybe get severely fined and sent to prison for those kind of things but you know if you are systematically doing it over a long period of time and you are proven to be a kind of tax fraud tax cheat then you could be in some

Serious trouble and I know for a fact there are a lot of people who take this very not seriously so without further Ado let’s dive in and have a look at some of these basic things now the first thing to say is a reminder again that I

Am not a financial advisor or Guru or a full tax adviser I’m just sharing my interpretations of things now in the UK If you are just selling something as a hobby if you’re just thinking I’m going to make a little bit of extra money on the side you have what’s called a

Trading allowance you have up to £1,000 per year that you can just sell and you don’t have to worry about it you don’t you should probably keep some records to make sure you don’t go over that ,000 but you don’t need to make any registrations you don’t need to make any

Tax forms you don’t need to pay any tax on any of that income as long as it’s £1,000 or less um but that’s not a lot that can be eaten up quite quickly as I said if you sell a singular gold coin at an ounce or even not even an ounce now

3/4 of an ounce you’re going to be instantly over that and you might say well hang on I’m just a guy selling some of my collection I’m just a guy who’s cashing out on an investment well yes you may well be and you may need to actually keep records of why you think

That is the case because hmrc might come back and say otherwise they might say well actually we think you’re trading this stuff we think you’re acting as a business we think it’s a hobby income um but it is also important from a capital gains tax P perspective as well so if

Hmrc had their grubby little fingers on every single little piece of data they might be able to see that if you sold a non- Capal gains exempt coin let’s call it this giant great big 100 soles coin for what did I pay for it nearly

£25,000 um if you sold this on eBay You could argue or hmrc could argue well if you bought that 10 years ago you may have made a profit on it and they would like to know whether or not that is a capital gains profit and you would maybe

Then have to look to pay some tax or declare it so that’s a big thing uh however if you are selling something that’s capital gains tax exempt like a britania or some sovereigns then that’s not really required to have the capital gain well it’s not required you don’t

Have to even declare it on your tax form however you might still have to register for tax and make sure that you’re putting on there the information so that everybody’s above board about what it is you’re doing you know at the moment the capital gains uh side of things on our

Tax system is very much an onor base system if you had only gold branas and you sell all your gold branas then you’ve really got nothing to worry about but if you’ve got a mix of everything and you just sell something and there’s £1,500 that comes into your bank account

From eBay HMC will now know what that is going to be from and for and eBay will be required to pass that detail over there now a lot of people don’t like that intrusion in their privacy but ultimately if you’re avoiding tax in a kind of proper way that’s fine but if

You’re actually evading tax I think is evading tax that’s the wrong one I think it is avoiding tax and evading tax are two very different things and if if you are deliberately misleading hmrc with the reports on or the data that you’re putting in there you’re going to be in

Some serious trouble at some point down the line so very much worth thinking about how you as an individual may be looking to sell some of your precious metals in the future if you’ve got a large selection of different coins and they’re all individual types and then

You’re going to say well I’m just going to start up a little shop and start selling them all perhaps that would be in you know looked at from hmrc as setting up a small business and a lot of that in you know inventory will suddenly become essentially taxable so for those

That maybe don’t really understand how it all works let’s do a really dumb down crash course into the different taxes that you might be liable for if you’re buying and selling gold and silver so if you’re just a private investor and you’ve put £10,000 into some silver

You’ve bought let’s call it a range of silver branas and silver bars the branas capital gains exempt let’s say in 10 years time you sell them Allin one go to a dealer at a profit there’s a very good argument to be said there that you’re just still a private investor you bought

A bunch of stuff at the start you’ve sold it all at the other end the dealer will have that record of what you’ve you know they paid for you and you’ll be able to work out the profit that you’ve made on the stuff that’s capital gains exempt and the stuff that is capital

Gains taxable and then theoretically you should use the honor System to go ahead and put that into your tax form or register for tax if you need to and then put that into your capital gains exemption Pages basically however if you start selling all of those things that

You’ve bought over a long time um and you start selling them individually on eBay and you start you know doing it on a fairly regular basis you could still argue that you’re just a private investor collector looking to cash out on a slower basis that’s absolutely fine make sure you got the

Records to prove it though make sure that you’ve got the ability to say to hm if they ever came to you with a big nasty red letter um saying hey we think that you’re doing something wrong here say to them no look I’ve owned these for

Like 15 years I I’ve had pride in their ownership and these are now just being sold slowly over time I’m not a business honest Governor then you should be absolutely fine excuse me now if on the other hand you are buying lots of silver really uh quickly and selling it really quickly

You’re trading let’s be quite Frank you are trading um you know a lot of people will say oh I’m just you know selling my investments early I’m buying and selling uh if you’re buying and selling to make a profit in a quick short space of time hmlc can and probably will quite quickly

Say that that is in fact trading and then you’ll be required to pay income tax on the profits U and you’ll be required to do tax forms for that you could even be required to register a self-employed for HMC and that’s ultimately what myself and a lot of

Other small dealers do if you are a soul Trader if you are somebody who’s not operating as a limited company you you do you have to sign up as um a soul Trader as a limited sorry as a soul Trader self-employed person on hmlc and

You have to keep your books you have to do your bookkeeping you have to make sure that all adds up you have to be conscious of things like vat registration thresholds and things that are taxable things that are not taxable so from my perspective I have an interesting situation because I run a

Business I run a business where I buy in raw material I manufacture a product and I sell it I also have private Investments which I have here so I have two very distinct and clear recordkeeping uh platforms when it comes to both the business and my personal

Stuff and if and when I sell something that is of that personal stack and nature it will be very much recorded along those lines if it’s a business sale it goes on the business books if it’s a personal sale it goes on my personal books because even the smallest

Of Traders out there and by no means am I huge I stay under the vat registration threshold um for a reason because it’s bloody awful to be on over it we’ve been there done that and got the T-shirt it is not fun um so we will not do that but

To keep records is really important because inevitably one day H Marc might come back and say hey can you just can you just show us what’s what’s been going on and that is something that’s really important to factor in and a lot of the time people maybe will think I

Can do this on the side to make a little bit of money and they might buy a tuber Britannia sell it and make 20 quid and think that’s 20 quid in the bank but you’ve sold £580 worth of silver with a tube of branas do it twice and you’re

Required to put that information through the hmrc system and theoretically you’re required to pay taxes on some of the profit that you’ve earned there as well so really worth having a look at if you are a private individual who’s maybe looking to do some things on the side if

You are a hobbyist and you are a fledgling kind of coin shifter um you really need to pay attention to this because now there will be requirements for various different platforms to provide that data directly to hmlc and let me tell you they will and hmlc will

Crack down on it and I think it’s quite interesting now another little thing which is on the same lines which I’ve been hearing a lot of lately if you have in the UK simply £20,000 in a savings account earning 5% that yields you more than ,000 worth of interest in your bank

And that also triggers a period where you would then required to do a tax form so there are lots of different pitfalls out there that you need to do taxes are taxes they will always always happen and you cannot evade them I think is probably the right term I can never

Remember if it’s if it’s avoidance or evasion I think it’s the evasion which is illegal tax avoidance where you can mitigate some of the uh taxes that you owe by legitimate reasons of making you know business purchases and losses and things like that putting it against your

Books but tax of evasion I think is where you just plainly don’t report things correctly or you misreport things or you put the wrong the wrong data in um you know there is definitely some no NOS when it comes to that um so what I would suggest as a sort of recourse for

Anyone out there who is concerned about this I would say your best course of action is to Simply look to take as best detailed bookkeeping as possible um even if it’s just on an Excel spreadsheet you can use much more complicated software than Excel but I would highly recommend

At a very minimum that you look to start keeping some really good records about what you’re buying when you’re buying it how you’re buying it where you’re buying it from uh have a look up on hmrc or just Google the badges of trade and ask yourself do you qualify as an investor

As a private individual investor rather than a business Trader because there are going to be I think a lot more people caught out by this over the coming years I think that you know it’s something that a lot of people will have to factor into how they run their own individual

Stacks and investing and how they might look to exit their Stacks at the other end of its lifetime there is definitely some hard times ahead for some people who maybe do owe a lot of tax and perhaps haven’t been reporting it properly and I would highly recommend

That if you haven’t then you start doing that and maybe you seek the advice of a qualified Tax Advisor or accountant to help you with that process so yeah interesting stuff you know I haven’t really commented on the fact that it’s a bit of an intrusion into one’s life

Being reported on like this but quite frankly if I I don’t like this argument you’ve got nothing to hide you got nothing to hide if you’re doing it right that’s fine I can’t stand when I see other people out there doing things wrong cheating the system almost

Flagrantly and blatantly it it it just like annoys me because you work really hard and you do all of the right things and you pay all of your dues and you know you do bookkeeping and it takes bloody ages to do and then other people just do willy-nilly and they don’t care

Um and it’s just like a big middle finger in my opinion to that which I think is silly um so it’s one of those things each to their own I suppose but um yes have a look into it if you’re concerned I’ll link down in the description box below uh some

Information on the hrc’s website where you can find out more about this uh little 1,000 trading allowance but really worth looking at highly recommend that you go and check out some more of this information so let me know your thoughts on this of course it varies

From country to Country I have no idea what the US requirements might be for this but be aware that various different tax authorities will get their way eventually they will want to get their grubby hands on as much as they can that’s the nature of tax and Taxation

Ultimately I don’t mind paying tax because it’s kind of a good thing you keep uh you know Society rolling around and Ticking over but it’s not fun to pay tax you have to pay tax it’s one of those things in life so let me know your thoughts down in the comments section

Otherwise that’s it for me a big thank you to you all for watching especially to my cool kids club members and the backyard bulling Rambler society and if you’ve enjoyed our tangental ramble about taxes and keeping safe when selling then make sure that you hit the Subscribe button if you’re not already

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