Overview
- HMRC used X and Facebook this week to remind people that occasional sales of personal items like used clothes or old electronics are not taxed as income.
- People earning more than £1,000 from trading or providing services must register for Self Assessment and complete a tax return.
- Capital Gains Tax can apply when a single item or a set of items sells for more than £6,000.
- Online platforms now report sellers with 30 or more items in a year to HMRC, which does not automatically mean tax is owed.
- Buying goods to resell, making items to sell, or offering services through digital platforms may count as trading if income exceeds the £1,000 allowance.