Ebay do I have to record my sales on my tax return?

Dollcollector26

I have a large collection of dolls, I have been collecting for nearly 20 years, I decided to sell them last year and I have sold quite a few on eBay prices ranging from £20 to £1200, I have just over £30000 now. But because these are older dolls and I have had them for many years do I have ti declare the income and more importantly will I get a tax bill?

Spoonie_Turtle

Very simply, it depends which of these two categories the collection falls into:

From the HMRC checker https://www.tax.service.gov.uk/guidance/check-non-paye-income/start/how-did-you-receive-additional-income

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6656866/ebay-do-i-have-to-record-my-sales-on-my-tax-return

Its not income because you are selling your own stuff.

You may become liable for capital gains if you are selling any as sets and achieving over £6,000 in one sale

LITRG

https://forums.moneysavingexpert.com/discussion/6656866/ebay-do-i-have-to-record-my-sales-on-my-tax-return

Hello Dollcollector26,

You might find our guidance on online traders and using platforms useful 

Online traders and using platforms | Low Incomes Tax Reform Group

savergrant

When you bought them did you consider them 'an investment'?

Do you have a good reason for downsizing your collection now?

If HMRC believe you bought them intending to later sell at a profit you may be liable for tax on any profit. That would seem unlikely.

dinosaur66

just keep a record of your sales and hopefully you will have some proof of your purchases

hmrc most probably will send you a letter about trading and a tax return

most expensive doll you sold was £1200 so no capital gains

you are allowed to dispose of your own collection albeit they will want some proof that you are not doing it as a business so if you have a doll that you paid say £500 for in 2005 and you sold exact same doll on ebay for say £700 20 years later that would be proof enough i would have thought to show that these dolls are from your own personel collection

since doll collecting is a well known hobby i would have thought hmrc would be well used to cases like your own

as to a tax return /as a business on an ebay tax return you would just put in a figure for all your expenses combined and a figure for your total takings / you do not have to itemize every doll sale / you have been keeping figures if you know 30k is what you have reached/ ebay give this figure down to the penny

i do not know if hmrc make people in your situation fill out a tax return / but if you have some proof of your doll purchases and kept just basic records you should be fine and have no tax to pay at all.