Anyone got their heads around the implications of this? Looks to me to be as simple as above £1700 a year it’s not worth selling as tax will be around 20%. OR I may be wrong.
Buying and selling hifi via eBay may be a thing of the past for me if this is the case.
Apologies if I’m late to the party, and this has been covered.
Covered ages ago,
As far as I remember occasional high value sales are fine and not taxable, includes cars, hifi cameras, art etc,
I will see if I can find a thread.
Conclusion I’m coming too, unless you are effectively seen to be running a business.
Yes, If you are buying and selling stuff you pay the tax.
Personal chattels are not taxable in this way but may be liable to Capital Gains Tax and Inheritance Tax
My understanding is that HMRC is not seeking to tax sales of personal/ household goods. What it is looking to try to do is identify more people who are specifically buying and selling and using ebay, FB marketplace, Etsy etc as trading platforms.
Also remember that that it can only tax profits not just the revenue received. So even if it does send you a phishing letter saying ‘we think your activities mean you owe us money’ etc, don’t panic. This is usually just a way of getting you to fill gaps in their evidence and largely allow people to unwittingly dob themselves in.
Just keep records if you sell something that you’ve recently bought and these items take you in the reporting levels. Then you can if required provide details of the profits that might be open to tax if they can prove that you are trading through patterns etc.
perfect thank you @crimsondonkey.
Can I interest you in a set of 5 way horns I’ve found in my loft?
Surely everyone sticks to the “I only want what I paid for it” rule?
