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Posted Thu, 27 Apr 2023 10:01:46 GMT by D
Hi, I wonder if you can help me with a query. So start of last year I was clearing out lots of my old video game collection to make way for new stuff and then overtime started to buy bundles to build up my collection but sold off all the ones I didnt want or duplicates to again further fund my collection. I didnt realise until recently how much my total sales were and could definently be considered a profit (albiet i used that to buy more games). So given the amount of sales I assume I would need to declare this and pay tax on it. My question is, as I am in full time employment and this was done as a weekend/evening thing in my own time, what do I register as for self assesment? Would this be "not self employed"? Also after realising this I wont be selling anymore I would only be doing this for the last tax year and wondered once you register do you have to do it every year from then on if you no longer sell? Thank you and apologies if these are dumb questions
Posted Thu, 04 May 2023 12:12:59 GMT by HMRC Admin 25
Hi D,

If you have made a profit of more than £1000 in the tax year, you will need to declare this as other earned income.
As you state you will no longer be selling, this can be included as a one-off payment to then calculate the tax due.

Thank you. 

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