Selling collection of WW1/2 memorabilia due to move - liable to tax?

Hello!

I am going to be doing a large move to the other side of England, and I was wondering if someone could answer a quick question for me - I will be selling more or less all weapons, files, etc I have collected from WW1/2. I was wondering if these sales will be taxable like my income? I work part time and so earn very close to the personal allowance amount according to this salary tool. Should I be worrying about sales as income tax or not? All of it together will likely sell for a few hundred pounds so will take me over my personal allowance amount. Really need to get it gone so stressing out a bit about this, can someone put me out of my misery?

Thanks!

 

no you wont be liable if a few hundred pounds and it is not a regular business for profit

check out the government website to put your mind at rest
You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.

 

It is always worth keeping documentary evidence of what was paid for items - I know its difficult at times - but in instances such as this you can then what was paid out against what you sold them for and tie that in with the rules in the post above.

I doubt its equivalent to the amount of monies owed by some of the high flying businesmen I read about and therefore not sure the HMRC are going to be coming knocking on your door for £15.00

TD

 

dont worry about it

 

Only deal in cash.And pay HMRC at a later date, if you remember??

Graham.

 

They seem to have changed the nomeclature since I left the UK. Presumably HMRC is Her Majesty's Robbing Crew?

 

Blutto,

HMRC is Her Majesty's Revenue and Customs. The fine body of people who collect money to fund our excellent National Health Service and other superb institutions.

Mike

 

Take your tongue out of your cheek

 

what is tax?

 

Theft by statute. Odd that many people are oblivious to the very recent nature of the tax regime most 'Westernized' countries subject their citizens to.

 

how do you pay it?

 

Don't you mean, "how do you not pay it?"

 

I have to agree with CL1 - it is normal for me to receive a cheque from HMRC - I thought they always made payments not collections

TD

 

No income tax no vat

 

Don't forget capital gains tax. I was badly bruised by that a few years ago.

"No income tax no vat," seem to remember a song about that in years gone by.

Graham.

 

I'd rather not have a self funding military.....

 

I'd rather have one that didn't buy things like F35 fighters.

 

If you're selling weapons make sure they conform to the latest regulations for de-activation. I would say this is far more important than paying tax.