Saving up for first decent uke - salary tax on money if I sold some stuff?

Crichou

New member
Joined
Aug 17, 2018
Messages
1
Reaction score
0
I've got a spare kidney, maybe someone else can take my bad eye... that'd be enough for something good? Right? :rolleyes:

More seriously, I have some stuff of value lying around that I don't/will never use and could do with selling them. My question is, would I end up paying any taxes on doing so? I've checked out this tax tool I use and adding what I expect to get from selling the stuff does kick up my tax rate which I'd rather not do. Any advice?

(also probably worth mentioning - I'm in the UK)
Cheers! :)
 
I'm not an accounyant nor a (UK) tax specialist but I never heard anyone speak of taxes after selling second-hand items. Never did so myself.
 
As far as I know selling personal belongings doesn't affect your income, only if it were business stock.

I have no idea how it works in the UK as I love in the States, but last year eBay sent me a 1099 for my sales so I had to scurry to account for cost, fees, mailing and net sales proceeds to create an adequate response. Things like private sales used to be off the radar, but now less so.
 
I’m in the U.K. You’d have to be selling commercially and be making a business profit for this to be declared as income in your self-assessment. If you’re selling casually for fun, you don’t need to declare it. Best to check with your accountant if you have any worries but you should be okay if you’re just selling the odd personal item and aren’t making huge profits!
 
Salaries have risen slightly because of the quarantine, which has been going on for quite a long time. Therefore, prices for food and goods have risen, and with them the salaries. I have been working as a welder for over a year now as the wages in this profession are pretty high. If you look at this source https://weldingnearyou.com/salary/ you know precisely what I mean. If we talk about the money you can save or invest in something, the salary of a welder here is suitable in all respects. Just try it, and you'll see how effective it is.
 
Last edited:
I’m in the U.K. You’d have to be selling commercially and be making a business profit for this to be declared as income in your self-assessment. If you’re selling casually for fun, you don’t need to declare it. Best to check with your accountant if you have any worries but you should be okay if you’re just selling the odd personal item and aren’t making huge profits!

If you use eBay and you have many sales "they" could actually consider you a professional seller and consider it a business. So if you use an online platform it may help to find out what the cut offs are between casual and business.
 
Top Bottom