I worry slightly at the moment because I have built up a collection of over thirty bikes in the last twenty years but now I am trying to get down to single figures. At a rough guess that could easily be £3,000 worth of sales...enough for Mr HMRC to be interested in perhaps?
If you bought them as a hobby, and sold them off because you'd gone off them, grown up or something then it's like antiques, Capital Gains Tax iircI worry slightly at the moment because I have built up a collection of over thirty bikes in the last twenty years but now I am trying to get down to single figures. At a rough guess that could easily be £3,000 worth of sales...enough for Mr HMRC to be interested in perhaps?
If you bought them as a hobby, and sold them off because you'd gone off them, grown up or something then it's like antiques, Capital Gains Tax iirc
Your first 3,000£ is exempt, so you should be ok.
Beyond that you can offset the initial purchase cost...
Let's face it that's probably £3500
We can probably all claim a rebate!
If you did make over 3k profit selling personal collectable bikes in a year, just pay the tax
Someone needs to.
Isn’t it items £6k upwards? And you can still deduct a whole host of things.
And I’m still not sure that a bicycle would be be under Capital gains. It’s an item of limited lifespan surely which is 50 years and under same as you don’t pay it on a car.
I used to work for a company providing services to auctioneers. We would get complaints every week about the sale of Nazi memorabilia - 50% that these items were listed at all and 50% that they were in fact, fake (yes, there are folk in India and China churning out fake WW2 Nazi kit and trying to pass it off as the real deal.)Just ask ebay customer services..
Do you think it's ethical to profit from the sale of nazi memorabilia?