Tax Implications
Hi eBay Community, apologies if this has been discussed before but what are Tax implications re Selling on eBay please?
I have recently been selling a lot of my old stuff which has been in my attic for 40+ years!!!
Thanks!
8 comments
rainbowtrax
·2 weeks agoIt's almost impossible to give reliable advice for sales like yours. While a large proportion of your listings are for what look like old personal possessions, you've also got some brand new items that have only just been released so look like they were bought to sell. That's where there's possible tax implications if your turnover on those hits the £1,000 annual trading allowance. It tends to get messy when you're selling both personal and bought to sell items on the same account as they're treated differently for tax purposes.
upt_hearse69
OP1 week agoThanks for the advice, rainbowtrax. I think I’m going to have to separate the old stuff from the new stuff. I enjoy that kind of task so it won’t be a problem.
jonatjonatjonat
·2 weeks agoAs a private seller - the only scenario would be if you sold a single (or collection of) something for over £6,000 where Capital Gains Tax would apply. Looking at what you are selling - that looks unlikely.
upt_hearse69
OP2 weeks agoThanks very much for your advice, Jonatjonatjonat.
roger_roger_over_and_nowt
·2 weeks agohttps://www.ebay.co.uk/help/account/regulatory/sales-reporting/uk-digital-sales-reporting?id=5454
upt_hearse69
OP2 weeks agoThanks, roger_roger_over_and_nowt.
*vyolla*
·2 weeks ago · EditedIf you've been listing your own personal items then there are no tax implications for you. If you're unsure you can go to HMRCs website where you can check to see if there are.
Edit to add: Some of your new records are only a year old, and there are numerous new caps so I would check this with HMRC, I've no idea how they view these kind of sales.
upt_hearse69
OP2 weeks agoThanks for getting back to me, vyolla.