Page 1 of 1
selling DVD collection, liable to income tax?
Posted: Mon Jun 04, 2018 12:58 pm
by Thearted
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!
Posted: Mon Jun 04, 2018 6:26 pm
by Tetsuro
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.
Posted: Mon Jun 04, 2018 7:01 pm
by Denyer
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.
Posted: Mon Jun 04, 2018 9:08 pm
by Tetsuro
How many DVDs are there in that lot anyway?
Re: selling DVD collection, liable to income tax?
Posted: Thu Jan 27, 2022 10:13 pm
by Derek_the_Giant
People who sell goods or services through platforms such as Uber, eBay, Etsy and others using third-party transaction networks (for example, PayPal) usually receive a tax form only if they participate in at least 200 transactions totalling $20,000 or more. This form, called 1099-K, is also sent to the IRS. So even if your product is supported, you will have to pay tax for it. Be ready to
generate pay stubs in advance so that there are no problems paying taxes. After all, if you have such a calculation, you can make a receipt in a second.