Reselling a few furnituers on ebay report to HMRC

Joel Pean said:
Hmm does that matter, anyway corner sofa.
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does it matter?? are you having a giraffe Frank, it matters hugely, especially in the world of furnitures. come one man get with the plan. right, now we've established the aforementioned furnitures are indeed the illustrious corner sofa variety this leads rapidly on to the next question - as others have alluded to were there any gucci belts included in these sales? it's also important, for tax purposes, to identify the positioning of the tv in room these furnitures came out of. is it safe to assume above the fire place?
 
Joel Pean said:
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!
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1k occasional trading alowance each year iirc

For profits off this kind of hobby stuff
 
Although CGT could be applicable, I doubt the sale of furniture in this case is going to be anything to worry. Pipe's link above details some of the rules around chattels and the concern of proceeds exceeding £6k - which I guess is unlikely.

The main concern would be whether HMRC can argue that you sold the furniture with an aim to profit i.e. trading or if it was just the disposal of surplus furniture.

There are specific tests for trading (the badges of trade - https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim20205) and I would again guess that it's unlikely you trigger enough of them for HMRC to be concerned.

Profit-seeking motive - did you sell them with intention of making a profit from their original purchase ?
The number of transactions - You say a few, I doubt you're starting a business and going to be selling more ?
The nature of the asset - Did you use the furniture previously ? Or did you buy it specifically to sell on ?
Existence of similar trading transactions or interests - Are you a repeat furniture reselling offender ?
Changes to the asset - Did you watch some youtube videos and 'Upcycle' the furniture for sale ?
The way the sale was carried out - I guess you just have a personal ebay account, not a business account ?
The source of finance - As the rest of GD have pointed out - you have LOADs of cash and didn't need a business loan to facilitate these sales.
Interval of time between purchase and sale - Again similar to the nature above - Have you held the furniture for a while ?
Method of acquisition - Did you buy for yourself ? Is it a garage clearout ? Helping out friends.

Those are your main concerns and assuming you can argue against those and you didn't sell any particularly fancy furniture for over £6k, you shouldn't have any concerns. If however, this is the start of the Joel Pean's Furniture Sales, it might be worth keeping a note for the next time you sell...

Usual disclaimer... Just a guy on the internet... What do I know ? You've only given a small piece of a potentially massive story.
 
Unless you're making thousands a month on a regular basis I wouldn't worry about it. Speaking of which I wonder if HMRC will have a crackdown on scalpers on eBay I bet almost none of them are paying tax.
 
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