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TBH, to me it sounds like it's not a business, it's buying to collect and then reselling the bits you don't need, but the thing you would need to do is look at HMRC's page and see what they say about stuff like that.
I've done some more research, and apparently £1000 is the yearly threshold you're allowed on eBay before you have to pay tax.Should I then not worry about it at all because it's under £1000, even though my 'profit' on eBay looks like over £1000?
Quote from: Taffeta on October 30, 2020, 01:39:19 AMTBH, to me it sounds like it's not a business, it's buying to collect and then reselling the bits you don't need, but the thing you would need to do is look at HMRC's page and see what they say about stuff like that.In some places, it doesn't matter if it's a "business". If you earn $10, then that's $10 of income. Quote from: xTic_Tac_Toex on October 30, 2020, 02:00:43 AMI've done some more research, and apparently £1000 is the yearly threshold you're allowed on eBay before you have to pay tax.Should I then not worry about it at all because it's under £1000, even though my 'profit' on eBay looks like over £1000?It's good to just have everything organized in case eBay reports whatever you made to whatever authority and you have the proof it wasn't the actual profit. I'm going to guess that the chances of that are pretty low, but it would be less stressful to be prepared.This is just going to be my advice to most people, because it happened to my family. u_u;
Quote from: Taffeta on October 30, 2020, 01:39:19 AMTBH, to me it sounds like it's not a business, it's buying to collect and then reselling the bits you don't need, but the thing you would need to do is look at HMRC's page and see what they say about stuff like that.In some places, it doesn't matter if it's a "business". If you earn $10, then that's $10 of income.
Quote from: banditpony on October 30, 2020, 04:58:07 AMQuote from: Taffeta on October 30, 2020, 01:39:19 AMTBH, to me it sounds like it's not a business, it's buying to collect and then reselling the bits you don't need, but the thing you would need to do is look at HMRC's page and see what they say about stuff like that.In some places, it doesn't matter if it's a "business". If you earn $10, then that's $10 of income. Which is why, as I said, that's why looking at the HMRC website is the best idea.HMRC = Her Majesty's Revenue and Customs. They are the official government organisation that deals with tax related issues in the United Kingdom, so ultimately they are the organisation that would be making the call. We're not talking about 'in some places'. We're talking about specifically in THIS place, so that would be the first port of call.
Quote from: Taffeta on October 30, 2020, 07:35:49 AMQuote from: banditpony on October 30, 2020, 04:58:07 AMQuote from: Taffeta on October 30, 2020, 01:39:19 AMTBH, to me it sounds like it's not a business, it's buying to collect and then reselling the bits you don't need, but the thing you would need to do is look at HMRC's page and see what they say about stuff like that.In some places, it doesn't matter if it's a "business". If you earn $10, then that's $10 of income. Which is why, as I said, that's why looking at the HMRC website is the best idea.HMRC = Her Majesty's Revenue and Customs. They are the official government organisation that deals with tax related issues in the United Kingdom, so ultimately they are the organisation that would be making the call. We're not talking about 'in some places'. We're talking about specifically in THIS place, so that would be the first port of call.Sorry, I wasn't trying to give specific tax advice. I made my comment based on the wording of the first part of your sentence using the phrase "to me..." seemed to be opinion.
Quote from: banditpony on October 30, 2020, 09:00:33 AMQuote from: Taffeta on October 30, 2020, 07:35:49 AMQuote from: banditpony on October 30, 2020, 04:58:07 AMQuote from: Taffeta on October 30, 2020, 01:39:19 AMTBH, to me it sounds like it's not a business, it's buying to collect and then reselling the bits you don't need, but the thing you would need to do is look at HMRC's page and see what they say about stuff like that.In some places, it doesn't matter if it's a "business". If you earn $10, then that's $10 of income. Which is why, as I said, that's why looking at the HMRC website is the best idea.HMRC = Her Majesty's Revenue and Customs. They are the official government organisation that deals with tax related issues in the United Kingdom, so ultimately they are the organisation that would be making the call. We're not talking about 'in some places'. We're talking about specifically in THIS place, so that would be the first port of call.Sorry, I wasn't trying to give specific tax advice. I made my comment based on the wording of the first part of your sentence using the phrase "to me..." seemed to be opinion. For clarity, "to me" was an opinion, but qualified by the advice to consult the actual official authority to see what they said about it. Frankly, I think that's the only safe option in a situation like this, and that it's actually unhelpful to have theorising from places where there are different tax rules in place, because it might lead to a problem for the OP along the road.It's also not helpful to undermine advice to consult the UK govt revenue agency based on a vague assertion that in 'some places' (which as the OP has mentioned clearly is not the case for the UK) $10 is $10 of income. If you didn't know HMRC was the UK revenue agency then you didn't know - but it's still something to keep in mind.
I was not trying to give specific tax/law advice. This is why I kept it more generic with my terminology to not give any specifics.
Quote from: banditpony on October 30, 2020, 10:21:37 AMI was not trying to give specific tax/law advice. This is why I kept it more generic with my terminology to not give any specifics.Then maybe you should have left my remark alone, as doing so conveyed a different impression.