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?
Great news. Ebay drops seller charges!
- Thread starter winjohn
- Start date
You’ll get a letter asking if you have anything to declare. Just reply with no. The rules have not changed, it’s just now eBay reports your sales over the threshold
bikeworkshop
Senior Retro Guru
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 iircYour 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.
If you bought them as a hobby, and sold them off because you'd gone off them, grown up or something
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.
Betsy
Old School Grand Master
A couple of years ago i bought some SimWorks pedals from Blue Lug for less than £60, i never used them, they were still in the box so put them on eBay for £85 with free UK shipping (RRP is £90 + ship in the UK) i even wrote in the listing that i bought them from Blue Lug (who offer worldwide shipping) and they're still in stock..
They sold to a guy from Poland who was very happy with them but because he'd paid for eBay to facilitate GSP the cost to him was £118.. why did he not buy them from Blue Lug or the US or even Freshtripe?
@Piotr any ideas?
They sold to a guy from Poland who was very happy with them but because he'd paid for eBay to facilitate GSP the cost to him was £118.. why did he not buy them from Blue Lug or the US or even Freshtripe?
@Piotr any ideas?
bikeworkshop
Senior Retro Guru
That's true they say 6k:
Capital Gains Tax: what you pay it on, rates and allowances
What Capital Gains Tax (CGT) is, how to work it out, current CGT rates and how to pay.
Let's hope they don't think a bike collection is a single item
The digital world is going to make casual traders a lot more visible.
From my perspective that's a good thing, but it will cause headaches for a lot of genuine collectors.
LondonClassic
Retro Guru
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.)
Ivory was the other contentious area. On both counts I saw that UK auctioneers don't lose any sleep in selling these items, I expect ebay and their under pressure business model to be no better.
bikeworkshop
Senior Retro Guru
Remember this?
www.pocket-lint.com
Interestingly ebay no longer allow the selling of souls as they consider them not to exist so therefore the listing is fraudulent.
So at least here they are being consistent
Man selling his Soul on eBay
www.pocket-lint.com
Interestingly ebay no longer allow the selling of souls as they consider them not to exist so therefore the listing is fraudulent.
So at least here they are being consistent
