UK HMRC clarifies: individuals selling online personal items do not face income tax unless trading for profit or exceeding £1,000 annual income.
HM Revenue and Customs (HMRC) in the UK has clarified that individuals selling personal items online, like those from a garage, typically do not face income tax. While platforms such as Etsy and eBay may share seller information, this does not trigger tax obligations. Tax applies only if sellers are trading for profit or if their total income exceeds £1,000 annually after expenses.
September 01, 2024
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