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Moving & need to get rid of collection - tax question?
Hi!
I current work part time and make below the personal allowance amount. I am soon going to be moving closer to London for both work, wife's work and to be closer to family (overall a great move for everyone - pros easily outweigh cons). However one of the few cons is we will have to downsize our possessions as the property we have decided on is much smaller than where we currently live, and I just won't be able to hold on to my collection of old and newer consoles, so I will be selling them off to someone who can look after them as I can't. My only concern is income tax - will I have to pay it on selling the consoles? If I get what I'm expecting for them then it will put my total income over the personal allowance amount according to this tax tool (https://www.income-tax.co.uk/). Should I be worried at all, or does selling them not count as taxable income? I don't have the slightest clue how this works and was hoping someone here has been in a similar situation with selling a moderate amount of things. Thanks in advance for any replies Cheers |
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