We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Selling On Ebay as a trader but the problem is I aint'!

13»

Comments

  • lovinituk
    lovinituk Posts: 5,711 Forumite
    1,000 Posts Combo Breaker
    MyOnlyPost wrote: »
    This is correct but I think only relates to the profit you make, so I guess if the clothes were samples or presents it would all be profit. If you bought them is it likely they have appreciated in value?
    The value of £6000 relates to the assets worth and not the profit but any tax due would be calculated on the profit (and I have just realised that the OP said they will not be making any profit). I'm not sure how it works when they are acquired without paying for them?

    Of course the flip side is that if a substantial loss can be proved, it can be used to offset any other captial gains and potentially reduce any tax owed!
  • Good grief this is all getting a bit tricky. In refence to prices paid and reciepts I do not have anything that goes past 18 months let alone 14 years! I doubt I will make any profit even though the sums of money may in total be possibly substantial, ( I hope).

    Spent ages on the phone to ebay trying to get them to raise the limit on my account. There was a lot of messing around down there end. I hope to find out in the next 24-48 hours. Fingers crossed.
  • And I must add thanks to all who have posted their thoughts on the forum so far.
  • lovinituk
    lovinituk Posts: 5,711 Forumite
    1,000 Posts Combo Breaker
    54-46 wrote: »
    Good grief this is all getting a bit tricky. In refence to prices paid and reciepts I do not have anything that goes past 18 months let alone 14 years! I doubt I will make any profit even though the sums of money may in total be possibly substantial, ( I hope).
    The tax free allowance for capital gains is £10600 for 2011-12, so unless you are liable to any other capital gains or you expect your profits to exceed that limit (thats quite some collection if you do!) then you probably don't need to worry.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.