Reselling a few furnituers on ebay report to HMRC

Malevolence said:
And exactly what relevance is that to anything?
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Why not explain the reason you are ask this, if op is asking the question he obviously does not..

I would assume this comment alludes to the fact it should go on your tax return as extra income regardless of your income (I'm not sure because it's not really my thing)
 
No way man, totally ignore/forget it. Too trivial unless you made over 10k profit.

The one to watch for is income from bank account interest. That stuff is meant to be tax free up to 500 quid but you still need to add the value to your income and it could affect your tax free allowance. Bs.
 
You have a £1,000 tax free Trading Allowance for small scale income* on the side like this, under most circumstances you wouldn't even need to declare it.

You can check here https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

I assume you're probably filling in a Self Assessment if you're earning over £100K in your job anyway, so it would be no extra hassle to enter the income and claim the allowance on that return.

* Be aware it's £1k gross income not 'profit'
 
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Bouton Aide said:
Is this a bragging thread earning over 100K? Or do you mean you earn over 100k selling furniture?
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It just means the whole tax situation is much more complicated - you have a tapering allowance which means every year unless you earn a precise amount (unlikely at 100k+ as a chunk of your pay will be variable or performance related) means you always end up with an additional tax bill by the following October. That tax bill is calculated by self assessment. Get it wrong and HMRC can make life difficult forever more.

Freakbro said:
You have a £1,000 tax free Trading Allowance for small scale income* on the side like this, under most circumstances you wouldn't even need to declare it.

You can check here https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

I assume you're probably filling in a Self Assessment if you're earning over £100K in your job anyway, so it would be no extra hassle to enter the income and claim the allowance on that return.

* Be aware it's £1k gross income not 'profit'
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It wouldn't be classed as property or trading. Trading mostly relates to services, like if I rent out my sports car to you each year or cut your lawn.

https://www.which.co.uk/money/tax/c...al-gains-tax-on-your-possessions-at7848p4xjtg
 
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Ya'll silly goose. How does one earning £100k mean they know all of the tax laws? :rolleyes:

There a folk literally earning £100k to explain the tax laws they are that complicated at times. And it is even written down.
 
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