Do I have to declare tax while selling personal item.

[James@88]

I am an eBay seller and I want to sell some of my personal item which I no longer use. I want to sell my gaming console and the games which I had for years to clear up some space in my house. Do I need to charge VAT and declare income tax on the money I got from selling it ?

 

[alan1302]

No

 

[Mr D]

Wot he said.

 

[Victoria_V]

Hey there!

If you are selling personal goods that are unwanted, there isn't any income tax payable on the money you make from this sale, so this doesn’t need to be declared on a tax return.


However If you are purchasing goods from other suppliers to specifically to sell on ebay, then profits earned from this might be taxable.


If you make under £1,000 annually from a trade(e.g selling of goods or services), this will be covered by the trading allowance and this income doesn’t need to be declared on a self assessment tax return.