Selling items online that were bought 10 years ago

Hi There, 10 years ago I had an idea to have a product made in china and shipped to the UK with the intention of selling online, I did this and received the items, it was putely a one off venture. Howeve, lots of things changed at that point with a child on the way and moving house, a new job and these just got put in the garage and completely left. I now want to try to sell them online, I presume if I sell them and it totals over £1000 in sales then I need to fill in a self assessment which is fine, but by questions are, is what I said above all ok to do? and secondly, lets say I do sell £3,000 worth of them online, they actually cost me 3,000 to have made and shipped, so I havent made any profit but as the purcahse was 10 years ago, how does that work? I do still have receipts and emails showing everything including the costs. Any advice welcome. Thank you

Hi ,
 

Where your gross turnover is more than £1000, then you must register as a sole trader.  You can do this at : Set up as a sole trader: step by step   . Thank you .

Hi There, Thanks for answering part of my query, with regards to the fact it was bought 10 years ago, does that matter? So lets say in 6 months I've sold £3,000 worth, minus shipping and packing costs thats £2,000 Profit. That still isnt profit because I paid £3,000 for it 10 years ago. So how does that work? is there still tax to pay? when setting up as a sole trader and doing my self assessment do I say at that point about the costs 10 years ago? I'm really unclear on how to tackle it. Also, I do a self assessment anyway for a rental property, is that completely sperately to this? Thank you

Hi Phil Cook,
The time it was bought is irrelevant as its based on any profit made.
If you need to declare the income it will be on the same Self Assessment return that you show your rental income.
Please see guidance here:
How do I tailor my Self Assessment tax return?
Thank you. 

Not HMRC...if you have sold all of the goods then the £3k received is the turnover (income), the original cost of £3k is the cost of sales (goods for resale), the shipping and packing costs are also allowable costs for postage etc, meaning you have a loss for the year. If you have not sold ALL of the original goods purchased you need to value the goods remaining and deduct this from the original £3k spent. There will be no tax to pay if all sold, and possibly not if part sold (depends on any value of goods remaining) but you must enter this information on the self employed pages of the SA. You also complete the property pages as normal and any other pages (employment, bank interest received details etc etc)...all on one SA form with additional pages as needed.