Which tax scheme

My 18 year old daughter (student)wants to start selling secondhand items online with her brother principally their collections. He is below 13 years old so not sure if he can be included or participate. The items are secondhand items now owned by her or brother. They have come from parents or as gifts from family. The issue is there is quite a lot of them and she imagines she will be selling for quite some time. The money is to help her though college/university. The issue is she understands she will be considered as trading but is not sure if she has to use personal tax allowance or this is CG. If she has to use her personal allowance how does she calculate profit on a gifted or owned item. If this is considered CG then does she only have one allowance or is their an allowance for her brother? family?She thinks she might earn over CGT limit so needs to know which tax she would have to pay.

Hi,

This would be classed as trading income and liable to income tax.

Please refer to:

Selling online and paying taxes - information sheet

Thank you.