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selling DVD collection, liable to income tax?
Posted: 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
Posted: 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.
Posted: 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.
Posted: Mon Jun 04, 2018 9:08 pm
How many DVDs are there in that lot anyway?