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ebay & registering for self employment
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there are so many conflicing reports about, i wanted some input from our learned friends on AB.
i am in my own line of work, as a self-employed person, doing very well, thank you.
like a lot of people, however, i am selling off a load of my own records, books, videos, and all sorts of stuff that's clogging up my home. i am not buying to sell, nor am i classing it as a business.
i will however, stand to make a substantial (say �1000 per month) profit from this stuff, as it is very collectable.
where do i stand with the taxman?
i am in my own line of work, as a self-employed person, doing very well, thank you.
like a lot of people, however, i am selling off a load of my own records, books, videos, and all sorts of stuff that's clogging up my home. i am not buying to sell, nor am i classing it as a business.
i will however, stand to make a substantial (say �1000 per month) profit from this stuff, as it is very collectable.
where do i stand with the taxman?
Answers
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You are not trading, you are simply selling your own unwanted goods.
Nothing to do with the taxman.
If you have a high turnover in a short space of time, the taxman may start looking. So keep records of everything you sell, so you can show where the money is coming from.
Just keep it simple.
It may be an idea to take photos of the goods in situ, around your home.
Far better to take simple precautions now, rather than panic later.
Good luck with it all!
Nothing to do with the taxman.
If you have a high turnover in a short space of time, the taxman may start looking. So keep records of everything you sell, so you can show where the money is coming from.
Just keep it simple.
It may be an idea to take photos of the goods in situ, around your home.
Far better to take simple precautions now, rather than panic later.
Good luck with it all!
Short term, Ethel is 100% right.
However, if your selling spree is going to continue for some time and some of your collectible goods are selling for more than you paid for them, there is a potential Capital Gains Tax liability
Your annual allowance is just over �8k per annum and if you are married, you and your wife have that allowance each, i.e. �16k.
I know it is unlikely at your present rate of income from selling your goods, but that is the only tax I think that you are potentially liable for.
Income tax is nothing to do with what you are doing as it is no different to an occasional car boot sale in that regard.
Hope this helps, Good Luck.
P.S. Out of curiosity, what are you selling?
However, if your selling spree is going to continue for some time and some of your collectible goods are selling for more than you paid for them, there is a potential Capital Gains Tax liability
Your annual allowance is just over �8k per annum and if you are married, you and your wife have that allowance each, i.e. �16k.
I know it is unlikely at your present rate of income from selling your goods, but that is the only tax I think that you are potentially liable for.
Income tax is nothing to do with what you are doing as it is no different to an occasional car boot sale in that regard.
Hope this helps, Good Luck.
P.S. Out of curiosity, what are you selling?
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