Capital gains tax

moneysaverz83

Hello



If any gains are below the allowance, do they still need writing in on the self assessment?



I've bought and resold a few items this year, but total gains have been below the taxable threshold. :T

moneysaverz83

And to add, they're not related to my work as a sole trader.



It's as a result of a hobby.

Keep_pedalling

Only if you sold over £45,200 of chargeable assets.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/690351/sa108-notes-2018.pdf

moneysaverz83

I've never seen that figure?



I've just read about the cgt allowance this year of 12 or 13000 or whatever it is.



The item is a physical, tangible object (chattel), so are these exempt anyway? It's really hard to get concrete info.



Say I bought a personal object, a painting, for 5000 and sold for double. I've made a 5000 profit. But I'm correct in reading this isn't declared because a), below the cgt threshold b) cattell

00ec25

moneysaverz83 wrote: »

I've bought and resold a few items this year, but total gains have been below the taxable threshold. :T

why do you think they are subject to CGT?

you state you are self employed, you state these items were bought and sold

were they in fact bought with the intention to sell ?
If yes then they are therefore subject to income tax as trading profits, not CGT.
And yes you can have 2 self employed businesses running side by side.

"Hobby" selling is a very dangerous area in tax

moneysaverz83 wrote: »

I've never seen that figure?

I've just read about the cgt allowance this year of 12 or 13000 or whatever it is.

if you are already required to submit a tax return BUT as you state you have zero tax to pay you are only required to report your CGT calculation if the gross value of all CGT sales in the tax year is more than four times the respective year's annual exempt amount

17/18 AEA - 11,300
https://www.gov.uk/guidance/capital-gains-tax-rates-and-allowances

4 x 11,300 = 45,200

read: If your total gains are less than the tax-free allowance
https://www.gov.uk/capital-gains-tax/work-out-need-to-pay

moneysaverz83 wrote: »

The item is a physical, tangible object (chattel), so are these exempt anyway? It's really hard to get concrete info.

Say I bought a personal object, a painting, for 5000 and sold for double. I've made a 5000 profit. But I'm correct in reading this isn't declared because a), below the cgt threshold b) cattell

completely misunderstood but there is no point correcting you as your CGT position appears unreportable, as explained above

Keep_pedalling

Any personal property you sell for over £6000 is subject to CGT unless it is your car or items with a limited lifespan, so yes the hypothetical painting would use up £5000 of your annual allowance.

https://www.gov.uk/capital-gains-tax-personal-possessions

moneysaverz83

Apologies, still a bit confused.



I'm a self employed sole trader as my only job.



I have various hobbies and interests. One involves buying things for my home to keep or display. Occasionally, I'll buy something else so would need to sell to fund. They are not bought to sold, and I doubt this case could be proven, anyway.



The last year or two, I've sold a handful of things. The highest has been about 4000, bought for about 1000. Wasn't bought to sell, I just changed my mind about it and it was something rare and increased in value. That was the highest/most extreme example.



But from advised above, I dont need to declare anything, even if below the threshold