Tax on ebay items

jeanniefaethecarse

Good morning

Can someone help me to answer a few questions regarding ebay selling please?

I've sold quite a lot of my old or un-needed things on ebay over the years, jeans, old magazines, that type of thing, just as a private seller.

I have a huge amount of vintage dress material I've collected over the years, which I'm considering selling to help pay off debts. I could sell as it came, in lots of about 2-3 meters each, however I can see myself getting more for it if I sell it as "fat quarters" rather than selling it by the piece as it came to me. I would be making a profit either way on it, as I either got it for free, or paid very little for it at the time. (50p - £1.00)

I'm wondering about the tax position here before I start to do this, as I've been told by a friend that while it's ok to sell your own old stuff, if you adapt it or make something new from it, ie crafts from craft material, this counts as actual income and is taxable. Is cutting material into fat quarters adapting it?

I already have to fill in a self assessment etc. as I'm the director of a company, so can easily add it as earnings if it comes under that category. I'm just wanting to make sure I stay on the straight and narrow as far as HMRC are concerned for the future.

Many thanks in advance
Jeannie

Deneb

http://www.hmrc.gov.uk/guidance/selling/index.htm

sorcerer

Unless your selling as a business, you have nothing to worry about. You would need to sell a lot before HMRC becomes interested in you.

gneiss_2

be careful, the taxman does take an interest:mad: