paypal and benefits

wayne0

if your buying stuff then reselling, the PROFIT is income

this PROFIT is declarable as income / subject to tax ... AND class 2 NIC's...

you can apply for a NICS excemption... but you will be commiting fraud if you dont declare the income... just like the rest of us who go out into the big bad world to earn a living do on a daily basis!

tyllwyd

MissPiggy50 wrote: »

... ps. there are a lot of fuddy duddies on here who need to chilax a bit and stop takin life so serious.

Why did you ask for advice then? - just because the people replying are fuddy duddies that doesn't automatically make them wrong. If you do get investigated by the benefits / tax people then you wont find them a laugh-a-minute bunch.

bestpud

Some trolls are interesting, some even funny.

This one is boring.

Nowt worse than a lazy troll.

Dunroamin

bestpud wrote: »

Some trolls are interesting, some even funny.

This one is boring.

Nowt worse than a lazy troll.

Particularly one that uses the expression "chillax"!

plum2002

Dunroamin wrote: »

Particularly one that uses the expression "chillax"!

Revolting word, and the OP spelt it incorrectly.

This thread has got me thinking though - I have a lot of 'stuff' in the attic and garage, from my childhood and from my parents and grandparents. Apart from the pain of listing it all, the other thing that's putting me off selling it all and finally clearing out stuff I've had in my possession for 20-30 years is the tax implications. Some of it is (now) very valuable - there's a guitar for example that is worth in the region of £12,000. I bought it in 1980 in a junk shop for £10 and it's been hanging around ever since, if I sell it I will have to pay tax to HMRC - quite frankly I'd rather go without the money that give them anything more, I already pay way too much tax as it is.

tyllwyd

plum2002 wrote: »

... Some of it is (now) very valuable - there's a guitar for example that is worth in the region of £12,000. I bought it in 1980 in a junk shop for £10 and it's been hanging around ever since, if I sell it I will have to pay tax to HMRC - quite frankly I'd rather go without the money that give them anything more, I already pay way too much tax as it is.

You won't necessarily have to pay tax - I don't know much about capital gains tax but you have an annual allowance of about £10K, so you would probably find that it would be covered. (The best place to ask for advice is the cutting tax board.)

Dunroamin

plum2002 wrote: »

Revolting word, and the OP spelt it incorrectly.

This thread has got me thinking though - I have a lot of 'stuff' in the attic and garage, from my childhood and from my parents and grandparents. Apart from the pain of listing it all, the other thing that's putting me off selling it all and finally clearing out stuff I've had in my possession for 20-30 years is the tax implications. Some of it is (now) very valuable - there's a guitar for example that is worth in the region of £12,000. I bought it in 1980 in a junk shop for £10 and it's been hanging around ever since, if I sell it I will have to pay tax to HMRC - quite frankly I'd rather go without the money that give them anything more, I already pay way too much tax as it is.

Paying tax on £12K is better than not having the money and I doubt that attics and garages are the best place for expensive guitars.

plum2002

Ok, I've been investigating the following is from HMRC site CGT section:

Antiques, jewellery and other personal possessions
Most personal possessions worth more than £6,000 are liable to Capital Gains Tax. This applies to individual possessions and collections or sets worth £6,000 as a whole. You must work out the gain if you sell or dispose of them.
Personal possessions liable to Capital Gains Tax (if they’re worth more than £6,000) include:
artwork - such as a painting
collectors' items - such as a chess set
antiques - such as furniture or jewellery
However, there may be no tax to pay if both of the following apply to the possession:
it had an expected useful life of less than 50 years when you got it
it hasn’t been used in your trade or job
An example of this might be a caravan or motor-boat you bought and used for pleasure.

Hmm, food for thought!

skintandscared_2

If you don't claim benefits and are just having a clear-out, you have nothing to worry about.

If, however, you are ebaying regularly for an income, and allowing "fuddy-duddy's" to pay your rent and bills via benefits from their taxes, you are expected to use some of that income to pay your own bills.

borkid

plum2002 wrote: »

Revolting word, and the OP spelt it incorrectly.

Some of it is (now) very valuable - there's a guitar for example that is worth in the region of £12,000. I bought it in 1980 in a junk shop for £10 and it's been hanging around ever since, if I sell it I will have to pay tax to HMRC - quite frankly I'd rather go without the money that give them anything more, I already pay way too much tax as it is.

What sort of guitar? If its been hanging around in the attic or garage it might now be damaged due to humidity problems. Just because it has a 'high value' label doesn't mean you are going to get the price you hope or that it is really worth that especially if it needs work doing on it. If it's not been played in a long time it's not going to be sounding good and will need playing in again. The above assumes its an acoustic of some sort, I know nothing about electric guitars.