Selling items on net does the money you make need to be taxed?

studley25

Hi i am unemployed and on jobseekers alowance.I have started buying games from retailers and selling the games on net on sites such as play.com,ebay and gumtree.from the sales i make a small profit.Obviously the games i have bought the vat has already been paid but just wanted to know if this is classified as a job and whether i have to register the money i earn?

sandiep

If the IR consider it a "trade" then its taxable. The key thing would be are you purchasing items to resell, or are you selling your own belongings. If you are purchasing specifically to resell then your motivation is profit, and yes, it's taxable.

Register with the IR as self employed. You will have to pay self assessment tax on the profits.

deeplydizzy

It is definately taxable,If you buy anything to sell on be it new or second hand then you are classed as a trader The HMRC website has loads of info
http://www.hmrc.gov.uk

Mikeyorks

If you're buying them ..... playing them until fed up ..... then selling them? That's OK.

If you're buying to sell ..... that's a trade - as above.