Milty Posted May 16, 2018 Posted May 16, 2018 Hi A couple years back I found myself in possession of a large console collection taking up space in my loft. I'm going to be moving soon, and really could do with not having them taking up tons of space so I'm looking to sell them all off. But I'm confused about how income tax will work on selling them - I work part time so earn very close to the basic tax band amount according to this tax calculator (https://www.income-tax.co.uk/)and was wondering how this would affect my tax? Will I end up putting my income into the basic tax band because of this? I'm not quite sure how tax works so could use some advice. Thanks in advance!
S.C.G Posted May 16, 2018 Posted May 16, 2018 If they are your consoles, in your property then as far as I know, it should not be an issue if this is a genuine enquiry. Out of interest, if you do wish to sell, then you might actually get some buyers on this very forum. Start a thread in General Gaming (https://forum.n-europe.com/forum/11-general-gaming-discussion/) and what kind of prices you're after along with some pictures. At least that way, you might not even have to list anything on eBay or as much of it as you thought. 1
Rummy Posted May 16, 2018 Posted May 16, 2018 Do you do your own tax returns? Would you declare this? Is it actually a declarable or taxable income ie. capital gains tax? Why would you even think or consider it to be? Or maybe, ykno, you wouldn't. 1
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