How much can I sell before Im a business?

alison999

I used to collect CDs but now I have no job (just being a sahm for a while) Ive started selling them off. Ive made about £250 so far although they cost me a lot more so Im not making a profit.

I was going through my kids toys yesterday and theres loads that I could sell, theyre getting older and hardly play with these.

Im just worried that if I sell too much ill be classed as a business and could do without the stress since I left my job b/c I was so stressed, this is just to give us a bit more money since we're trying to save for car.

Thanks in advance.

suburbanwifey

alison999 wrote: »

I used to collect CDs but now I have no job (just being a sahm for a while) Ive started selling them off. Ive made about £250 so far although they cost me a lot more so Im not making a profit.

I was going through my kids toys yesterday and theres loads that I could sell, theyre getting older and hardly play with these.

Im just worried that if I sell too much ill be classed as a business and could do without the stress since I left my job b/c I was so stressed, this is just to give us a bit more money since we're trying to save for car.

Thanks in advance.

If you are just selling items you own that you no longer want/need/require etc. you are in no way a business. You may have been a shopaholic who spent thousands on items you bought, doesn't matter, you bought them, used them and no longer require them. You have no need to worry. Sell your stuff, you are entitled to and you are not a business.

You are only a business if you buy things specifically to sell on....you are not doing this.

alison999

suburbanwifey wrote: »

If you are just selling items you own that you no longer want/need/require etc. you are in no way a business. You may have been a shopaholic who spent thousands on items you bought, doesn't matter, you bought them, used them and no longer require them. You have no need to worry. Sell your stuff, you are entitled to and you are not a business.

You are only a business if you buy things specifically to sell on....you are not doing this.

Thanks! I was getting a bit worried, I didnt know if there was a cap where you can only make so much money, thanks for your help

sequence

Yes there is no limit, you could theoretically sell 100 millions worth so long as it was all your own personal stuff. But as soon as you buy something specifically to sell on then you must register and pay tax.

alison999

Thanks for all your replies.