Moving & need to get rid of collection - tax question?

Incescre · #1 05-23-2018, 02:56 PM

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

goonergaz · #2 05-23-2018, 03:15 PM

Hi, it's not a business so you should be fine. You collected a load of stuff over a period of time and now you're selling it on for a legitimate reason (other than to make money).

Cosmic_Link · #3 05-23-2018, 11:56 PM

The only problem I ran into some time ago when using paypal was that I was receiving alot of gift payments from people and I had an issue where paypal locked my paypal account and froze funds which were in there pending a money laundering investigation.

It caused me a couple of weeks inconvenience as I had to prove exactly why I was receiving all these gift payments.

They obviously weren't happy that they wasn't getting their cut from goods payments. XD

Good luck with your sales.

xhunter · #4 05-24-2018, 04:32 AM

I know in the US we don’t have to pay income tax on money from selling items on eBay unless we make a profit on them (for example, bought a game for $30 and sold it for $40).

goonergaz · #5 05-24-2018, 07:36 AM

Quote:

Originally Posted by xhunter

I know in the US we don’t have to pay income tax on money from selling items on eBay unless we make a profit on them (for example, bought a game for $30 and sold it for $40).

In the UK you only have to do that if it's considered a business. In the UK you are allowed to buy something, 'enjoy it' and sell it on for profit provided it's not something done in a 'business model' way.

I looked into this recently because my son was going to boot fairs, buying up stuff and selling on eBay - he wanted to use my account but that might have been considered a supplemental income and therefore I would have to pay tax.