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-   -   Selling Foo merch collection :( tax help? (http://bbs.foofighters.com/showthread.php?t=172487)

ethanFrost July 4th 2018 12:20 PM

Selling Foo merch collection :( tax help?
 
Hi!

Myself and my wife are buying a house across the country and will be downsizing significantly to be able to afford it. I'm going to be selling off my significant record/CD collection, including a lot of Foo stuff (sadly :( rarely used however, we went digital after moving to Sonos for audio). I was wondering if I will incur tax from selling these? I'm expecting a slightly significant amount of money from it all once it's sold, and I can imagine HMRC will want a slice of it :lol: I've been using this wage and tax calculator to work out what money we have for the house and added what I'm expecting to get from selling things and it adds another £500 in tax!

Could someone help me out here? Many thanks :)

aprilshack July 4th 2018 01:01 PM

Re: Selling Foo merch collection :( tax help?
 
Quote:

Originally Posted by ethanFrost (Post 4196316)
Hi!

Myself and my wife are buying a house across the country and will be downsizing significantly to be able to afford it. I'm going to be selling off my significant record/CD collection, including a lot of Foo stuff (sadly :( rarely used however, we went digital after moving to Sonos for audio). I was wondering if I will incur tax from selling these? I'm expecting a slightly significant amount of money from it all once it's sold, and I can imagine HMRC will want a slice of it :lol: I've been using this wage and tax calculator to work out what money we have for the house and added what I'm expecting to get from selling things and it adds another £500 in tax!

Could someone help me out here? Many thanks :)

Your best bet is to sell on eBay or Discogs. Look up what each individual item has sold for in the past. I would imagine you would only have to pay tax if you were a business selling on either platform. There maybe rules I donít know about selling up to X amount & paying tax. If so, declare it. Itís doubtful you would get away with it.

FrenchEnemies July 4th 2018 01:29 PM

Re: Selling Foo merch collection :( tax help?
 
Quote:

Originally Posted by ethanFrost (Post 4196316)
Hi!

Myself and my wife are buying a house across the country and will be downsizing significantly to be able to afford it. I'm going to be selling off my significant record/CD collection, including a lot of Foo stuff (sadly :( rarely used however, we went digital after moving to Sonos for audio). I was wondering if I will incur tax from selling these? I'm expecting a slightly significant amount of money from it all once it's sold, and I can imagine HMRC will want a slice of it :lol: I've been using this wage and tax calculator to work out what money we have for the house and added what I'm expecting to get from selling things and it adds another £500 in tax!

Could someone help me out here? Many thanks :)

Does this help? The case study is very close to your own situation

http://www.thisismoney.co.uk/money/e...Bay-taxed.html

It sounds to me like wouldn't be considered to be trading and would not be required to pay tax on this. But, not a tax lawyer!

FooZealand July 8th 2018 09:12 PM

Re: Selling Foo merch collection :( tax help?
 
In most countries no taxation is payable when selling your own personal items, you paid tax on the money you used to buy them in the first place. this is still true even if you make a profit, with exceptions in a lot of places for land and buildings which can incur capital gain tax

If you are in the business of selling thats a different thing but as a private citizen reselling your own personal items you should not have tax to pay. It would be very very hard to prove the tax amount anyway - as you would have to sell for more than you bought for (make a profit) - and the purchase would be years ago in many cases.

TheFaceYouAlwaysSee July 8th 2018 10:02 PM

Re: Selling Foo merch collection :( tax help?
 
Who cares about the tax - WHAT ARE YOU SELLING?


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