Author Topic: Buying & selling PC parts - liable to income tax?  (Read 57 times)

Buying & selling PC parts - liable to income tax?
on: June 07, 2018, 19:08:49 PM
Hello :) I have a (fairly boring) topic I'm curious about - taxes. I buy and sell all sorts of computer parts on top of my full time job for an extra handful of cash, generally spent on more computer parts, and I am intrigued - is HMRC going to be hunting me down for unpaid taxes? I've not a clue how self assessment forms work and can't find much to help me figure them out. I've looked at this tax calculator: https://www.income-tax.co.uk/ and worked out how much tax I currently pay (a lot!!) but haven't been able to work out what the income from selling parts would be. What tax band would it go into? Hoping someone here does similar and can point me to an answer :)

Cheers!

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Re: Buying & selling PC parts - liable to income tax?
Reply #1 on: June 11, 2018, 18:12:18 PM
I believe you have an allowance each year as the parts are used, i think they are more interested in chasing Ebay traders doing £5000 a month tax free and claiming benefits full time for a non existent ankle sprain.

I know a bloke claiming full rate incapacity benefit and yet manages to walk round bootsales for hours looking for items to sell through his Ebay business which is made £20k on last year.
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