Private Seller And HMRC

[eski044]

Hello , i know this question was asked many times. But i need to ask im so upset.

Im selling my own private items , many of them. I paid for them used for a short period of time and selling them becouse i don't use them. on all of items im selling i lose money , on my last sell will be nearly 1k lost ( push bike ) many of them was bought on ebay aswell, never got profit on those items. 

And now is a chance im gonna have to paid Extra Tax on top of that ?

still got many items for sale and they what if i sell even more ?  but they are still my items i paid for them in my own money. as i said before never ever make a money of them and i always sell them for less what i paid ;/

If they gonna say PAID TAX is something i can do with this ? 

Thx for help 

[lucy_farmer]

'...that there's an online selling 'allowance' for people just getting by....'

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That's not an online selling allowance as such. It's a trading allowance.

So if you're buying, making or growing to sell ( .e. TRADING) in a very small way, and only get up to £999.00 in your tax year, you won't have to pay any tax on it!  You have to tell HMRC what you're doing, but they won't give you a tax bill..

Selling your own stuff, on the other hand, has *no* allowance/limit.....there is no 'selling your own clobber allowance'. 😀

(except, of course, unless you hit the CGT limit, but very few sane people would enjoy selling a £6000. item on ebay...😱.  😂)

[goodibags]

I agree with you, but it's not always obvious when someone is trading or not as described in the Badges of trade guide. You could have things that you bought to keep (or use, like postage stamps) but are selling anyway. And you can quickly reach £1000 selling on stamps, never mind that you also paid to buy them and your 'profit' might be about £45. Or you might sell an old £20 banknote for £35 (they're collectables too) but the reported 'income' definitely doesn't take into account the inherent £20 'cost'. 

The devil's always in the detail, but who has time for any of that? 😉 

Whereas the CGT allowance is primarily a tax dodge to benefit those folk who least need one. Zero tax on income - but only if you can afford it.

[eski044]

and that's exactly what is worrying me. They gonna say ok you have to pay this and that , end of story , but they don't know anything about this they just look on big amount of money to be taxed.

[goodibags]

In practice if it's your own stuff then there will be NO tax to pay, more so if you sold your items for less than you paid for them. It's still useful to keep receipts and itemise your sales so you'll at least know what your position is, given that Ebay reporting is somewhat limited. But it'd (usually) be pretty obvious if you were regularly buying/selling and appeared to be running a business. 

If it wasn't posted above it's worth checking the HMRC guidelines too

Check if you need to tell HMRC about your income from online platforms - GOV.UK