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  1. #1
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    Selling off spare craft equipment - tax question?

    Hi! Hope you're all doing well. Over the last few years I've been buying a lot of material, paper and just general bits and bobs that I really don't need. I was wondering if selling these would count as taxable income? (Not all are bought in the UK, and some are imported). This tax calculator says that I am quite close to the next tax band and don't particularly want to put my income under 40% tax. Hopefully a simple question with a simple answer, but i absolutely can't get my head around it!

    Thanks in advance

  2. #2
    Dedicated Scrapper Fae's Avatar
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    Hi - hopefully this link will help.

    http://www.thisismoney.co.uk/money/e...Bay-taxed.html - if you're worried, then perhaps you can defer selling some items until next financial year?

    Hope this helps.

    Fae

  3. #3
    Dedicated Scrapper Amanda Jane's Avatar
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    I'm a bookkeeper and prepare a lot of tax returns each year. I don't think you have anything to worry about. This is presumably a one-off and you aren't trading, you didn't buy these things in order to sell them again and make a profit. Indeed, you will probably make a loss, in which case there is nothing to tax anyway. (HMRC would look to tax your profit, not your income, if you were trading.)

  4. #4
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    I do the odd car boot sale and was told if you are selling off your own possessions you are ok as far as tax is concerned

  5. #5
    Chatty papercrafter elainevking's Avatar
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    Good advice Amanda. Thank you
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