Reselling a few furnituers on ebay report to HMRC

[Joel Pean]

I recently re-sold 2-3 furnitures on eBay within a week and made some profit.

I have a full time job (100k+) and am not planning to re-sell goods anymore.

Do I still need to report to HMRC on self-assessment form?

Thanks!

 

[[FnG]magnolia]

So many -'s would make the grammar thread angry

(also, reported)

 

[Joel Pean]

Chill man, just typos.

 

[decmatt]

Capital gains tax would surely have you covered?

 

[[FnG]magnolia]

Chill man, just typos.

Cool cool.

Who is your favourite Disney (NOT PIXAR) character?

 

[Em3bbs]

Cool cool.

Who is your favourite Disney (NOT PIXAR) character?

Mine is Spiderman.

 

[[FnG]magnolia]

Mine is Spiderman.

Thoughts on Merida?

 

[Joel Pean]

Capital gains tax would surely have you covered?

Would it be income tax or CGT for reselling goods with arbitrage?

Cool cool.

Who is your favourite Disney (NOT PIXAR) character?

Simba!

 

[[FnG]magnolia]

Simba!

Solid choice.

Simba is the protagonist of Disney's 1994 animated feature film, The Lion King. He is the son of Mufasa and Sarabi, who was destined to rule the Pride Lands, as king. When Mufasa was murdered by his treacherous brother, Scar, Simba was exiled from the Pride Lands after his uncle blamed him for his father's death. He finds refuge in a jungle oasis with Timon and Pumbaa, but when the Pride Lands fall to disarray during his absence. With the kingdom in peril, Simba is forced to confront his troubled past and take his place in the "Circle of Life".

Upon entering adulthood, Simba marries his childhood best friend Nala and has two cubs named Kiara and Kion.

e: and to be somewhat helpful ...

@Kemik
@Pudney

Hit me with that sweet tax stuff.

 

[Em3bbs]

Thoughts on Merida?

Is that a Vauxhall SUV?

 

[[FnG]magnolia]

Is that a Vauxhall SUV?

I do not believe so but perhaps?

 

[decmatt]

Would it be income tax or CGT for reselling goods with arbitrage?

"Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value."

 

[Thekwango]

Thoughts on Merida?

Merida be ‘bitchin’

 

[LeMson]

cOOL THREAD

 

[Thekwango]

Were these furnitures corner sofas or just ordinary peasant furnitures?

 

[[FnG]magnolia]

Merida be ‘bitchin’

This guy knows whats up.

*high five*

 

[Reality|Bites]

I thought Merida was a bike?

 

[One More Solo]

"Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value."

I don’t think it’s as simple as that. If HMRC consider this is a trade then profits will be taxed as trading income rather than capital gains, which is significant given you lose the CGT allowances.

 

[Malevolence]

I have a full time job (100k+)

And exactly what relevance is that to anything?

 

[tom_e]

And exactly what relevance is that to anything?

Tax brackets given he was asking about self assessment? It's one of the few times dropping in a big old wage brag makes some sense.