So it’s just if there’s any profit that’s greater than £1000 in the year that needs to be declared. So for instance, majority is personal / used items. (These should be excluded for purposes of tax), where’s there’s the odd couple of items bought to trade, is it just when the profit ticks over £1000 that this needs to be declared?
Say for example, you buy an item for £1500 and it sells for £1600. If it’s just one sale nothing would need to be declared. If it’s 9 sales, again nothing would be declared, but if it’s 11 sales at (£16500) and a profit of £1100, then it’s the £1100 or the £100 above the £1000 that needs to be declared?
If the total profit is under £1000, I’m assuming it does not need to be declared?
Thanks for any help on this
Hope someone can help on this please.
For the purposes of online trading through marketplaces, if selling personal possessions my understanding is that there is nothing to declare unless there’s a single item over £6k.
If selling and a profit is made then any profit over £1k trading allowance needs to be declared.
Is this understanding right please?