Selling from home

Flakie

Hope Ive got the right part of the forum but can anyone provide me with any links to what limits there are from selling from home before you have to start declaring it for tax.
hubby has been selling a large collection of stuff through eBay over the last year and at this time of year he usually sells plants and stuff from the house that he grows as a hobby. This finds his other hobbies! We also take part in the odd garden safari to sell stuff we don’t want from the house. 

What limits do we have as it’s surprising how it can add up. The amounts won’t be the same year on year by the way. Thanks. 

MrsFezziwig

As far as I'm aware there is only tax to pay if you're buying as well as selling - therefore, a business. Selling your own stuff is not a business. I hope I'm right as I've just started to declutter myself! 

soolin

Flakie said:

Hope Ive got the right part of the forum but can anyone provide me with any links to what limits there are from selling from home before you have to start declaring it for tax.
hubby has been selling a large collection of stuff through eBay over the last year and at this time of year he usually sells plants and stuff from the house that he grows as a hobby. This finds his other hobbies! We also take part in the odd garden safari to sell stuff we don’t want from the house. 

What limits do we have as it’s surprising how it can add up. The amounts won’t be the same year on year by the way. Thanks. 

MrsFezziwig said:

As far as I'm aware there is only tax to pay if you're buying as well as selling - therefore, a business. Selling your own stuff is not a business. I hope I'm right as I've just started to declutter myself! 

In this instance selling excess plants is likely to be considered a business as it is not the same as selling off unwanted clothing you are bored of, or ransacking your book shelves to sell on Amazon. I started off selling scI fi items from my own collection which was fine, but the moment I bought several items as a lot and started selling the excess to fund my purchases I became a business. 

The limit for declaration is £1000 of income, and that is gross income before any expenses or outgoings, so less than £20 a week on an average basis. 

Budgetnanna

Flakie said:

Hope Ive got the right part of the forum but can anyone provide me with any links to what limits there are from selling from home before you have to start declaring it for tax.
hubby has been selling a large collection of stuff through eBay over the last year and at this time of year he usually sells plants and stuff from the house that he grows as a hobby. This finds his other hobbies! We also take part in the odd garden safari to sell stuff we don’t want from the house. 

What limits do we have as it’s surprising how it can add up. The amounts won’t be the same year on year by the way. Thanks. 

Whats a garden safari? Sounds fun

gavinaw

Flakie said:

Hope Ive got the right part of the forum but can anyone provide me with any links to what limits there are from selling from home before you have to start declaring it for tax.
hubby has been selling a large collection of stuff through eBay over the last year and at this time of year he usually sells plants and stuff from the house that he grows as a hobby. This finds his other hobbies! We also take part in the odd garden safari to sell stuff we don’t want from the house. 

What limits do we have as it’s surprising how it can add up. The amounts won’t be the same year on year by the way. Thanks. 

This all highly depends on the laws around taxes in your area. Where do you live specifically?

[Deleted User]

gavinaw said:

Flakie said:

Hope Ive got the right part of the forum but can anyone provide me with any links to what limits there are from selling from home before you have to start declaring it for tax.
hubby has been selling a large collection of stuff through eBay over the last year and at this time of year he usually sells plants and stuff from the house that he grows as a hobby. This finds his other hobbies! We also take part in the odd garden safari to sell stuff we don’t want from the house. 

What limits do we have as it’s surprising how it can add up. The amounts won’t be the same year on year by the way. Thanks. 

This all highly depends on the laws around taxes in your area. Where do you live specifically?

Presumably the U.K. given this is s U.K. site. You know we all have the same Laws in the U.K.? 

mrsyardbroom

You need to contact HMRC.  I registered as self-employed as soon as I started earning a small amount of money from my website and from surveys. The turnover is usually in the region of £1500 a year. I don't have to pay tax on it but I complete a return online every year. It doesn't take long to do and it keeps me legal. If your profit is low you may not need to complete a tax return but it's your responsibility to contact HMRC and let them know about your earnings. Failure to do so can result in penalties.