Ebey help please

Norn-Iron

I am just enquiring in regards to whether or not someone selling on ebay would need to class themselves a business for tax purposes if they are selling a large vinyl / CD collection?

If someone has accumulated approx 700-1000 records from the late 80's to mid 90's most of which where shop bought for more than they are being listed for, is that classed as business, selling these 2nd hand now to get rid of them?

If so, then how are you supposed to have receipts for every single item? Any help appreciated. If a record cost £6 but you have no original purchase receipt and you sell it for 99p?

Sorry for my lack of knowledge on this.

Thanks,
Norn-Iron

lightisfading

If it's your own stuff you're selling, which you didn't buy just to sell on but for your own use, then you don't need a business account

olias

The ebay idiots might start sending you emails questioning whether you are a business and requesting you to upgrade, but just ignore them or reply that you are a private seller selling your own privately owned goods,

You don't need to worry about tax either

Olias

rdp1980

If you were buying them specifically to sell on, yes you would be liable to pay tax. However as they are your own personal items which you have simply finished with, you are not operating as a trader and don't need to worry.

Incidentally if you bought a record and it originally cost you £6, and you are now selling it for 99p, you have to bear in mind that the original item will have depreciated and you could not claim a "loss" of £5.01 on the sale for tax purposes.

Norn-Iron

Hello again everyone and thanks for your replies. No the records in question are under the stairs at present and up in the attic in record boxes / shelving, some in better nick than others. There are £1000's of pounds worth (when I was buying them) but now some amy not even sell! I am not buying off anyone as I already have had them quite a while, just geting rid of them. Have some DVD's as well to go and clothes. The amount you gather up over the years beggers belief.

Thanks also rdp1980 for the depreciation bit, I think some of these may have depreciated so much then are nearly worthless!! But as you know there's always somebody on ebay or other similar sites classing my clutter as their treasure!
Well 99p treasure.... :money:

Thanks again!