selling DVD collection, liable to income tax?

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Thearted
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selling DVD collection, liable to income tax?

Post by Thearted » Mon Jun 04, 2018 12:58 pm

Myself and my wife are looking to buy a house. We will be going to a much smaller property than we are in now because it will be much more affordable. However this means I need to scale down belongings - and my beloved DVD collection will likely be the first to go as it's quite large and rarely used. I was wondering if I should be paying tax on selling these items? I'm not quite sure how it works as it would be a large amount of sales at once. I have looked at this salary calculator (www.after-tax.co.uk)but can't work it out.
Any help would be much appreciated :)

Thanks!

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Tetsuro
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Post by Tetsuro » Mon Jun 04, 2018 6:26 pm

Does anybody ever pay taxes on second hand items? I mean, the tax has technically already been paid, when it was bought new. Paying it every time it changes hands would be ridicilous.

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Post by Denyer » Mon Jun 04, 2018 7:01 pm

eBay/Amazon may work on a volume/value threshold as to what they consider a business seller but as far as HMRC care as long as you're not buying to sell -- are clearing out unwanted personal items -- you're a private seller.

Selling lots of duplicate items, if applicable, may raise suspicion.

That's a separate question from tax, https://www.gov.uk/capital-gains-tax-pe ... ossessions

But with two of you spreading that activity and bearing in mind that bulk dealers such as MusicMagpie mean that popular titles generally aren't worth a great deal, it'd have to be a giant collection for that to come into the equation.

Not a lawyer or accountant, but I play one for purpose of auditing.

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Post by Tetsuro » Mon Jun 04, 2018 9:08 pm

How many DVDs are there in that lot anyway?

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Post by poisionkingg » Mon Jan 06, 2020 2:15 pm

no for one product , we have to pay tax @ once when it buy as a new .
no need to pay every time when u buy that from others
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