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Posted Thu, 04 Jan 2024 17:02:12 GMT by
Hi, I have sold personal belongings e.g. used brand handbags, accessories and clothes via the online platform. Those stuffs are purchased with the the cost around 4000 pounds but now sold (there are many items and sold to different buyers in different time in year 2022/2023) with income around 1200 pounds. Does the income received from online platform attract tax liability? If it does, is 1000 pound trading allowance for taxpayer? And do I need to report 200 or 1200 pounds income in the tax return? Thanks for your time.
Posted Thu, 11 Jan 2024 09:39:56 GMT by HMRC Admin 25
Hi pigwai chau,
This income is taxable. you can claim the trading allowance of £1000 to reduce your tax bill or use actual expenses if you have receipts.
Thank you. 
 

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