YesThis thread is all over the place
sorry bout my caffeine induced rant probably way to many coffee beans ..was up at sparrows !
There's already a £1,000 limit on 'hobby income' before it becomes taxable over here.Ah it's the suttle point tho of the choice with PayPal....
f+f or " goods " and " services "hence my description of musk as a cunning unit! He is highly intelligent very forward thinking two qualities which don't actually have to correspond with trustworthy!
Stateside next year the limit drops by 19400 dollars a year before taxable income....to 600dollars. So you think we're not going to get that in ol'blighty ?
Oh!
Which is easy to offset against any purchases which are kept if you get my drift. In fact I bet most are in a negative with this hobby
It's a little more complicated than that. If gross income (not net profit) is above £1,000, it is classed as taxable income, meaning it should be declared to HMRC so that it can form part of their calculation of the tax you should pay. Whether you actually have to pay any tax on that taxable income is another matter and depends on overall income, profits made, etc. Isolated sales of items for over £1,000 don't count as hobby income but if you are selling regularly it might well do. The underlying idea is that people ought to be able to sell items they own, like their car, without paying income tax on the sale; but if they turn buying and selling items, like cars, into an income stream, they should be liable for tax. If you sell a couple of bikes that you've had for a while and receive over £1,000 for the two, I wouldn't worry about it. If you're regularly buying bikes to split and sell for parts, that's an income stream. How you choose to spend that income stream, e.g, whether that's on more bikes or something else, doesn't alter the fact that it's an income stream and possibly taxable. There is a grey area but be mindful.
