[Finance] Selling personal items online, beware of HMRC!

[AmexRuislip]

Check if you need to tell HMRC about your income from online platforms

Check if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.

www.gov.uk

Apologies if already fixtures.
I thought this is an interesting POV, if you deal on Ebay or other.

£6000 onwards

PS: MODS please change HRMC to HMRC.

 

[deletebeepbeepbeep]

If I sold everything in my house it wouldn't come to 6k so I think I'll be fine.

 

[Goldstone1976]

Check if you need to tell HMRC about your income from online platforms

Check if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.

www.gov.uk

Apologies if already fixtures.
I thought this is an interesting POV, if you deal on Ebay or other.

£6000 onwards

PS: MODS please change HRMC to HMRC.

Dun

 

[AmexRuislip]

...

 

[AmexRuislip]

Dun

Ta, how's things with yourself

 

[schmunk]

Check if you need to tell HMRC about your income from online platforms

Check if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.

www.gov.uk

Apologies if already fixtures.
I thought this is an interesting POV, if you deal on Ebay or other.

£6000 onwards

PS: MODS please change HRMC to HMRC.

N.B. that £6,000 limit is a de minimis for a sale of a single item/set.

You can sell any amount of your personal possessions for individual values less than this, without liability to report it or pay tax.

Also N.B. that capital gains tax is only payable on (aggregate) profits - anything you sell at a loss won't create a tax liability, and could potentially offset against other items sold at a gain.

Finally N.B. however that this doesn't apply to items bought/created with the intention of selling on for profit - this will be taxable as business income from the first £1 (subject to personal allowance, etc.)

 

[Goldstone1976]

Ta, how's things with yourself

Pretty good, ta. Had a v bad back pre-Xmas; steroid jab, weight loss, Pilates, and gym has worked wonders. A lot of weight loss to go though (another 20 kg should do it).

Workshop conversion into 2 en-suite guest bedrooms is complete. Looking to refurbish sitting room, hall, landing, and stairs next.

Toddler doing well, but still not sleeping through. Two adult daughters getting married in the summer.

You?

 

[AmexRuislip]

Pretty good, ta. Had a v bad back pre-Xmas; steroid jab, weight loss, Pilates, and gym has worked wonders. A lot of weight loss to go though (another 20 kg should do it).

Workshop conversion into 2 en-suite guest bedrooms is complete. Looking to refurbish sitting room, hall, landing, and stairs next.

Toddler doing well, but still not sleeping through. Two adult daughters getting married in the summer.

You?

All that fine dining on hold for a while I guessing
That's a lot going on re-building work, I hope the backs up to it.
Similar here, work in progress on small building type work on house including decorating.
No kinder here to disturb.
Still new to this retirement thingy, seems hard to get used to, but carrying on as per

 

[beorhthelm]

confusing article, focusing on the capital gains threshold, something quite unusual to hit. you're supposed to declare all income, with a 1k allowance which it doesn't mention.

 

[swindonseagull]

Check if you need to tell HMRC about your income from online platforms

Check if you need to declare income from selling personal possessions, goods or services online, creating online content or renting out property using digital platforms.

www.gov.uk

Apologies if already fixtures.
I thought this is an interesting POV, if you deal on Ebay or other.

£6000 onwards

PS: MODS please change HRMC to HMRC.

Are you still selling those photos Eric took ? didn't think you would make that much.

 

[AmexRuislip]

Are you still selling those photos Eric took ? didn't think you would make that much.

Yep, I've blanked out your face, like on the naughty mags

 

[swindonseagull]

Yep, I've blanked out your face, like on the naughty mags

Thanks I was concerned..

 

[Pevenseagull]

Chattels?

 

[hart's shirt]

North Stand Chattels?

That's better.

 

[Bry Nylon]

Pretty good, ta. Had a v bad back pre-Xmas; steroid jab, weight loss, Pilates, and gym has worked wonders.

We should start a Mods Gym Sub Forum. It may be a little niche though.

 

[schmunk]

Toddler doing well, but still not sleeping through. Two adult daughters getting married in the summer.

 

[Bodian]

confusing article, focusing on the capital gains threshold, something quite unusual to hit. you're supposed to declare all income, with a 1k allowance which it doesn't mention.

Check if you need to tell HMRC about additional income

Check whether you need to report and pay any tax on income you make apart from your main job or earnings.

www.gov.uk

Might also help.

 

[Tubby Mondays]

HMRC getting its priorities right.

Next stop Amazon!

Oh no wait a minute.

 

[Gazwag]

HMRC getting its priorities right.

Next stop Amazon!

Oh no wait a minute.

TBF they are paying UK VAT now on their fees to HMRC

 

[South Stand Bonfire]

I was thinking the same but didn’t want to pry!