Selling over £1000 but making no profit

I intend selling various items I have accumulated over the last 40 years, most of which I bought at antique fairs though some in retail shops. I expect to sell more than £1000 worth this year and over 30 items. I do not however expect to make much profit on what I sell, by this I mean less than £1000 on all items, if any at all as I just need to be rid. EG selling CDs I bought for £10 plus each for under £5 now or antique items I will only get what I paid or a little more. Is it then necessary that I fill in a self assessment for the Trading Allowance as I will make less than £1000 in profit on what I sell or do I need to fill it in and show I have made no profit. In fact does the form make clear the cost of what I bought and what I sell for, the difference being profit or none?

Hi Shaun Miller,
If your turnover is over £1000 yes you need to complete a tax return.
You can then claim the trading allowance of £1000 as your expenses.
By claiming the trading allowance you cannot claim any other expenses.
Thank you. 

 

just so i understand, does this then mean if what I sell cost me say £2000 and I sell for£2500 and using the trading allowance I will be taxed on £1500 and not £500. i will only be selling personal items and not buying to then specifically sell on at a profit, so even if I sell for £2000 and make no profit HMRC will deem a profit of£1000?

Hi Shaun Miller

If you still have receipt to show what you paid for the items, you can claim the actual expenses. If so, you cannot claim the trading allowance on top of this so you would need receipts for all items sold. If you do not, then it would be the trading allowance of £1000 that would be due only.

Thank you