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[Guv]

This should help to explain it

 

[Guv]

What about if I buy and sell a few things on a regular basis?

Depends if it's classed as trading or not. If it is, then yes you need to fill in a tax return as you'll classed as self employed.

There are a number of tests to decide if you're trading. These are called the 'badges of trade'. It's basically, the frequency you're selling the product, the quanity of the item you're selling and is a profit being made? (there are more criteria as well).