if not how many times a year can it be done before its deemed a business?as far as tax is concerned
2006-10-23 05:31:50 · 6 answers · asked by yellow2345dog 1 in Business & Finance ➔ Taxes ➔ United Kingdom
With antiques you have to report no matter what (unless it is below the reporting threshold). The sale of a personal motor vehicle is exempt from CGT (it normally results in a loss and the govt. would lose a fortune). However if you do it more than twice in a matter of months HMRC will come knocking on your door asking for some tax. Best to declare it up front if you are running a business.
Edit: Jim H - wrong country! This question was posted in United Kingdom
2006-10-23 06:58:48 · answer #1 · answered by skip 6 · 0⤊ 0⤋
The profit would be considered income. In the states, if you make over $600 on any transaction, you have to declare it. I'm not sure about how to determine if it's a business; check the IRS website.
2006-10-23 12:40:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Any profits are income and total income determines amount of tax payment. Sometimes cash sales fall through the cracks and do not get reported. Not recommending this, but people tell me that it happens.
2006-10-23 13:06:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think that there is a limit to how many times and each country has it's own limit I believe that England is about £5,000-£8,000 so your country must be around the same. keep doing until someone gives you a reason to be a business and good luck with it
2006-10-23 12:34:11 · answer #4 · answered by sarell 6 · 0⤊ 0⤋
If you sold the items privately as opposed to a business transaction I do not believe you are liable for tax or vat.
2006-10-23 12:47:45 · answer #5 · answered by barn owl 5 · 0⤊ 0⤋
those are all capital gains, should be reported on Schedule D
2006-10-23 17:23:49 · answer #6 · answered by Jim H 3 · 0⤊ 0⤋