24/10/2024
Theres no requirement to pay income tax when you sell personal belongings, however if you are making goods, or buying to sell at a profit you are likely to be a trader and will have to pay tax on your profits.
If you are a seller on an online platform you will be asked for details such as your name, address and date of birth (they may ask for other details to help confirm your identity). Your details and income will be sent to HMRC yearly (you will receive a copy of this to help with tax returns), the details will not be reported if you make fewer than 30 sales and receive less than around £1700 for those sales.
Please get in touch if you’d like to find out any further information and see how we can help you today! 📱