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

Originally Posted by ethanFrost View Post

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 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.
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