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Selling on Ebay - implications re tax?

(6 Posts)
casilda Fri 04-Apr-14 21:15:48

I need to have a huge declutter due to downsizing, and plan to sell unwanted items on Ebay. I understand that if you sell your own unwanted items, there are no tax implications, but is there a limit on the amount you can make?
Some of my old books and bits and pieces are quite valuable, and are certainly worth more than I originally paid for them, so I would probably make a reasonable profit. Any advice very welcome.

SundaySimmons Sat 05-Apr-14 06:54:28

If you buy to sell you should pay tax.

However, if they are your possessions then you don't pay tax even if you are selling a lot and they reach high prices.

Do be aware though, that in my experience, my 'valuable' items didn't get high prices but my cheap crap commanded more interest and sold at far higher prices when I last had a big clear out!

It's a fickle market out there!

nickstmoritz Sat 05-Apr-14 12:19:00

Don't forget to start your valuable items at your minimum price and use a free listing weekend
to do this and avoid listing fees. This weekend is free listing.

LavenderGreen14 Sat 05-Apr-14 13:07:50

And end them in the evening too. Plus always send with adequate insurance/proof of delivery. Check completed items to see how much an item is likely to achieve.

Nanny0gg Tue 08-Apr-14 20:10:23

For some valuable items, have you thought of real life auction houses? I had some good results with those.

TeacupDrama Sat 12-Apr-14 17:40:40

if they are your own possessions there is no tax liable unless a huge amount where there might be capital gains tax ( you have an annual allowance of £10,000 that is the gain not the value)

buying to sell is tax liable but if you have no other job you can make £10,000 ( personal allowance) profit before tax, you will need to pay self employed NI which is £2,80 a week) though you would need to keep accounts to prove this

it is cheaper to pay 30p to list and sell for £10 than to list for free and risk selling at 99p

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