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Old 2 Weeks Ago   #1
Scooby93
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Default Selling kit - query

I hope this is the right subsection. I have recently acquired an awful lot of kit through inheritance from my Uncle. He was really into salamanders and left me all of his tanks and literally everything he had. Its a lot. He was a massive hoarder I was shocked at how much equipment he had kept. Most of it was in storage so I need to check whats working and good to keep but I've acquired his six fire salamanders and everything he was using for them, but I have no need for any of the other stuff thats in storage, took a look yesterday and I'd say its easily a thousands worth. My parents are happy for me to sell what I don't need, but I'm worried about the law on it. If I am selling a lot I may be taxed as a business? Or might have to pay income tax? I've been using a few sites like https://www.income-tax.co.uk/ to try figure it out but its not really clear on one off sales :/ If I sell it as a batch will it be treated differently to selling it all separately? I just want to make sure im clear on it all before I go ahead and end up with a big tax bill. Anyone know anything about this please?

Thanks!



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Old 2 Weeks Ago   #2
Axlnewts
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Default Re: Selling kit - query

Scooby, sorry to hear about your uncle.

Quite an unusual question for this forum!

Selling off these unwanted personal items wouldn't constitute a trade in HMRC's view and you shouldn't need to pay tax in this situation. If you were to begin buying and reselling equipment, that would be a different story as you would be carrying on a trade.

Either way, in the UK you get a 1,000 tax free trading allowance per tax year which sounds like it would mostly cover you and give you some peace of mind.

You could always sell 1k worth now and the remainder after 6 April 2020 (the start of the new tax year) to take advantage of both of the trading allowances, if you are concerned.



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