Will I have to pay taxes and if taxman ask for proof and I dont have them, what will happen?
It is mostly item I no longer.
I do sell alot of my or my wifes clothes, averagaly per month make £300 worth of sales, but there is no profit, as all of tue clothes are used.
Some items were a gift too.
So what is my situation here?
Have sold in the last 5 years maybe 14k worth of my items, still have 16k for sale.","comment":[{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51986704","author":{"@type":"Person","name":"taxboy"},"datePublished":"2024-01-15T14:02:05.000Z","text":"I recommend having a look here litrg.org.uk/lat…elp
I know it's not the most exciting topic but I think people should do some reading about tax to improve their understanding of the way it works. For those in employment I would hazard a guess they spend more time researching their holidays than understanding their P60...even though their deductions are probably much more
I'm not having a pop at any specific poster but given the amounts of money involved its surprising the level of active interest and understanding people take
I highly recommend the LITRG web page for explaining issues and providing examples in a clear way"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51984802","author":{"@type":"Person","name":"IAmATeaf"},"datePublished":"2024-01-15T09:39:06.000Z","text":"Not having a go or anything but it does beg the question that if there is no profit then why keep selling?"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51983433","author":{"@type":"Person","name":"bigwheels"},"datePublished":"2024-01-14T23:10:02.000Z","text":"I’ve seen loads of info about it online, not read any as don’t apply to me.
Martin Lewis did a talk about it last week.
Was clear and simple advice and info.
moneysavingexpert.com/new…rc/
From what is says on a post don’t sell after 1st Jan 2024.
Thats when they start reporting sales.
community.ebay.co.uk/t5/…499"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51983515","author":{"@type":"Person","name":"Dhiraj1"},"datePublished":"2024-01-14T23:25:03.000Z","text":"No profit, no tax. Although I am gonna find myself an accountant for sorting tax out when the letter comes."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51983522","author":{"@type":"Person","name":"mutley1"},"datePublished":"2024-01-14T23:26:23.000Z","text":"If you make this much sales then you will be part of the reporting according to the mse link in bigwheels comment, which says from January this year, sales above 2k euro will be reported, so if you sell anything this year like you have done in the past then you will need to submit a tax return"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51983570","author":{"@type":"Person","name":"Dhiraj1"},"datePublished":"2024-01-14T23:37:50.000Z","text":"Can you submit tax return Aftee you receive letter from HMRC?"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51989543","author":{"@type":"Person","name":"Misslovely"},"datePublished":"2024-01-15T20:58:49.000Z","text":"Use your wife’s account and yours to sell.
How can you afford all these stuff or are they good fakes?? Will you really make £300 every month for a year? If so you seem like a seller to me not casual"},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51990070","author":{"@type":"Person","name":"siliconbits"},"datePublished":"2024-01-15T22:16:28.000Z","text":"Likely they will start using AI to scale."},{"@type":"Comment","@id":"https://www.hotukdeals.com/comments/permalink/51997550","author":{"@type":"Person","name":"Dhiraj1"},"datePublished":"2024-01-16T23:26:45.000Z","text":"Has anyone done the self assessment form, do you have to actually submit all reciepts or its advisable to do so?"}],"commentCount":45,"interactionStatistic":2,"articleSection":"Ask"}