HMRC

[tozzybum]

Taxman already has systems in place to get his pound of flesh.
I did probate for grandad and my dad's estate and to transfer funds to my account to disperse around the family required form filling.
Any transfer over 5k required this.

 

[Swedish]

but if you didn't want three sheep and six hens you are buggered,

Blimey that's serious bartering currency!

 

[Jh1986]

They've also just closed the pickup double cab tax loophole.

Here

 

[Rake Aboot]

So no more vat chargeable on double cabs ?

 

[angusb1]

I don't know what you do for a living, but barter is a very common form of transaction in farming businesses. It has to be accounted for, just like any other kind of transaction. If it's not, questions will be asked. There's only so much you can get away with before alarm bells start to go off.

Barter is non-existent in my work and I pay absolutely every penny of tax I should due to the kind of company I work for, a scenario I have no problem with. Outside of work I think it is frankly ridiculous that HMRC might think they can make good use of their time and resources chasing people who run small businesses for a few hundred quid a year when there are multinational corporations in this country who pay billions less in tax than they should do.

By coming up with nonsense like this plan for HMRC to grab every detail of every transaction that goes through ebay and etsy etc I expect more people will head to the wild west of facebook marketplace where they can advertise goods for sale without the buyers guarantees ebay force upon them, nor the payment record, and I expect those people will deal more often in cash and bartered goods as well as doing electronic money transactions outside of the place their goods were advertised. You only need to advertise something on the internet, you don't need to do the transaction in the same site/app/portal. If you really want to go the whole hog you can take payment in a crypto currency that uses a private blockchain and then literally no-one on the planet can trace it including HMRC.

HMRC will probably attempt to use their new data to collect the most tax in the simplest way so as you say they will prioritise those making the most money from these things, everyone else will get away with so much as alarm bells won't be going off.

 

[angusb1]

Bartering is a difficult way to trade on some levels, that is how coinage came into being, it was easier to have a divisible currency to trade. How did they barter a whole cow.... maybe three sheep and six hens.... but if you didn't want three sheep and six hens you are buggered, but when you had gold coinage all of similar size you could then value everything individually.... but they soon started to undermine the value of the gold coins by "clipping" then another step was to have less pure gold... then it went to mixed metal coins that had a shiny golden finish... we have been duped for years... devaluation of our money.

Maybe bartering will make a comeback

Yep assets have got a lot easier and cleaner to move about since then