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

lovinituk

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!

54-46

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.

54-46

And I must add thanks to all who have posted their thoughts on the forum so far.

lovinituk

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.