Shaun Miller

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?

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?

Can anyone advise please. Today on the BBC it says HMRC are tightening up on traders using websites like eBay, Etsy, Vinted etc where they trade more than £1000. I have started to sell on eBay last year (2023). What I am selling is only personal items that I have selected over the last 40 years, most in the last 30 years. These are some old vinyls and singles and vintage and antique items that I have amassed and now that I am over 60 realise that my family don’t share the same interests and that when I depart this mortal coil they would just be gotten rid of at no real value. I am then starting to sell what I can, which will be over several years I am guessing. Currently what I have sold has in most cases barely been sold for much more that bought for and in some cases for less. My question is then is whether this falls under what was shown today on the BBC, I do not foresee ever making a profit of £1000 per year though I may sell many items in a year, thats more than 30, perhaps 100 or even more if I am lucky. I did follow a series of questions on HMRC website regarding selling which asked if I was selling personal items (yes), not selling anything for more than a profit of £6000 (no - I wish!!) which came back with that I need not declare, but no mention of £1000 in sales. It would be useful if some from HMRC could answer here. Thanks