Re: Selling Foo merch collection :( tax help?
Originally Posted by ethanFrost
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
Does this help? The case study is very close to your own situation
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!