mostly right
I think you were generous with mostly in regard to the "it's up to HMRC" point so to expand not disagree....
Some events will trigger HMRC registering you automatically for self assessment others will trigger a nudge letter and some will not be visible to HMRC.
Regardless of the above people have an obligation to tell HMRC and register if they meet the criteria for self assessment and HMRC provide a handy online tool to self check.
Oh sure of course if you’re actually needing to do a self assessment then you have a responsibility but I thought we were talking about people who were just worried about being chased up for clearing out some old tat (or even for regularly swapping their bikes).
a friend of a friend got written to a few years ago from hmrc for ebay sales (circa £20k+ of sales), he spoke to a tax accountant and was advised to plead ignorance and write a letter in reply, as opposed the hmrc options.
Which he did, stating he was selling off his old collection and didnt beleive he was trading, he stated he believed it was capital gains, (which was circa £12.3k allowance at the time). the letter was received. So Far he has had zero response. not even acknowledged his letter.
That to me says they are snowed under and are unlikely to be bothered by a few singletrack'ers selling off a few thousand quid of gear.
another friend of a friend got reported by his bank (money laundering), selling rings and diamonds, he was actually buying second hand then getting them polished/cleaned up and shipping them to antwerp to get authenticated. HMRC investigated, he got an accountant and they cut a deal £70k tax bill, investigation took 30 months ..
That to me says they are snowed under and are unlikely to be bothered by a few singletrack’ers selling off a few thousand quid of gear.
This.
