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Selling Stuff on Ebay & Tax

daveshoelace
daveshoelace Posts: 114 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Boost your income
http://www.bbc.co.uk/news/business-17371509

Are there any guidelines for the tax implications of selling unwanted stuff and declaring it for tax?

I buy a lot of books/DVD boxsets (get through 2-3 combined a month) and immediatley flog them again on Amazon/Ebay. Although it is quite clear I am not a trader, I am quite prolific with it - probably sold about 40-50 items in the last 12 months on Amazon for example.

Also what sort of tax would it be? Capital gains?

thanks as always guys
«1

Comments

  • MummyDrusilla
    MummyDrusilla Posts: 176 Forumite
    If you're buying to sell you definitely have to pay tax and I have a feeling you'd fill in a tax return on a self-employed basis.

    I'm not an expert tho and am sure someone more knowledgable will be along to help!
    Debt free in
    [STRIKE]July 2017 (January 2012)[/STRIKE]
    October 2016 (May 2012) :j
  • lincroft1710
    lincroft1710 Posts: 19,333 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Are you making a profit on these sales?
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • daveshoelace
    daveshoelace Posts: 114 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    lincroft1710 wrote: »
    Are you making a profit on these sales?

    Good point, no of course I'm not, I am always selling them back at about 2/3 the price I buy em.

    Feel a bit daft now lol, well done. :rotfl:
  • lincroft1710
    lincroft1710 Posts: 19,333 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    2/3 is not a bad return!
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • simon12_2
    simon12_2 Posts: 4 Newbie
    If you don't make money theres no tax
  • warwicktiger
    warwicktiger Posts: 1,106 Forumite
    But if you make a loss as your self employed part time business and have and employed paye job you could get tax back from PAYE for your losses!
  • creeping_jesus
    creeping_jesus Posts: 117 Forumite
    So, to clarify, if I've got unwanted stuff on ebay, as I'm moving house, I have to be self employed either if I'm making or losing money, as I am now employed?
    What about car boot sales?
    Confused!
  • soolin
    soolin Posts: 74,889 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you are selling your own unwanted goods you are not trading.
    I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.
  • dazza.mk
    dazza.mk Posts: 1,927 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    creeping_jesus wrote: »
    So, to clarify, if I've got unwanted stuff on ebay, as I'm moving house, I have to be self employed either if I'm making or losing money, as I am now employed?
    What about car boot sales?
    Confused!

    No, if you are sellinng unwanted stuff at a loss and you aren't trading there are no tax implications and you don't need to be self employed.
  • creeping_jesus
    creeping_jesus Posts: 117 Forumite
    Oh ok thanks! I just don't want to get in any trouble with HMRC, my partner's just gone through all that with his self assessment!
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