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Posted Sat, 23 Mar 2024 22:00:43 GMT by johnsonchung118
I know that starting from January 1st this year, if you sell items on eBay for over £1000 or 30 items, eBay automatically reports to the tax authorities. But I also saw on the tax office's website that there's a tax-free allowance of £6000 for personal collectibles. My question is, in the upcoming tax year, if I sell several personal collectibles totaling less than £6000 but over £1000, do I still need to fill out a separate tax form? And would having a full-time job income affect this calculation? And what would be the tax-free allowance period each year term (Is that count from the date 6th, April till the next year April ... or count from 1st Jan .....)?
Posted Wed, 27 Mar 2024 09:42:55 GMT by HMRC Admin 5 Response
Hi

Please refer to Selling online and paying taxes - information sheet. The  £6000 is in respect of Capital Gains tax and not Income Tax.
Yes having a full time job will affect any potential tax due as your personal allowances will be against the job in the fitst instance.

Thank you

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