eBay Tax

LordCroker

I have a large Vinyl/CD collection, which I have been collecting for some 25+ years, that I am now slowly selling. Over the last 14 months I have sold around 100 individual items on eBay, receiving a round £4000, this figure includes postage and packing costs.

My question is, am I required to pay tax on the £4000, or are Vinyl/CD's classed as 'chattel'?

Obviously I don't have receipts for Vinyl/CD's I bought 20 odd years ago.

RFW

LordCroker said:

I have a large Vinyl/CD collection, which I have been collecting for some 25+ years, that I am now slowly selling. Over the last 14 months I have sold around 100 individual items on eBay, receiving a round £4000, this figure includes postage and packing costs.

My question is, am I required to pay tax on the £4000, or are Vinyl/CD's classed as 'chattel'?

Obviously I don't have receipts for Vinyl/CD's I bought 20 odd years ago.

The rules are that you only pay tax as a business (with a minor exception for capital gains, which shouldn't apply here). That means you would have had to have bought to resell, so unless you did, then you are a private seller and exempt from paying tax for the sales here.

[Deleted User]

Already answered on yesterday's thread?

eBay Sales — MoneySavingExpert Forum

LordCroker

RFW said:

LordCroker said:

I have a large Vinyl/CD collection, which I have been collecting for some 25+ years, that I am now slowly selling. Over the last 14 months I have sold around 100 individual items on eBay, receiving a round £4000, this figure includes postage and packing costs.

My question is, am I required to pay tax on the £4000, or are Vinyl/CD's classed as 'chattel'?

Obviously I don't have receipts for Vinyl/CD's I bought 20 odd years ago.

The rules are that you only pay tax as a business (with a minor exception for capital gains, which shouldn't apply here). That means you would have had to have bought to resell, so unless you did, then you are a private seller and exempt from paying tax for the sales here.

Is there a upper limit?
Is this each tax year?

soolin

LordCroker said:

RFW said:

LordCroker said:

I have a large Vinyl/CD collection, which I have been collecting for some 25+ years, that I am now slowly selling. Over the last 14 months I have sold around 100 individual items on eBay, receiving a round £4000, this figure includes postage and packing costs.

My question is, am I required to pay tax on the £4000, or are Vinyl/CD's classed as 'chattel'?

Obviously I don't have receipts for Vinyl/CD's I bought 20 odd years ago.

The rules are that you only pay tax as a business (with a minor exception for capital gains, which shouldn't apply here). That means you would have had to have bought to resell, so unless you did, then you are a private seller and exempt from paying tax for the sales here.

Is there a upper limit?
Is this each tax year?

Each tax year has a fresh threshold for both Income tax and capital gains tax.