Friday, December 19, 2008

'eBay bought my holiday'

A report on the BBC this morning about the credit crunch and how people are spending and/or saving money featured a tiny snippet about a young women who was going on holiday to South Africa and was funded this to the tune of £5,ooo from the sale of clothes on eBay.

Me being me my first thought was "I wonder if she's declared that extra income to the Revenue?"

4 comments:

Anonymous said...

Presumably if she's selling her used gear it's at a loss, which means that the money she gets for it doesn't count as income. It'd only be taxable if she bought bullion or such a few years ago and is selling it at a profit.

FlipC said...

Yeah if she's selling just her own stuff that's fine, it's when you start buying things in with an intent to resell that HMRC classes you as a trader. To get £5k she must have had a lot of second-hand clothing though.

Anonymous said...

Wait — you're supposed to tell the IRL that you're earning money??

Crap. I should probably tell them that I'm employed now…

FlipC said...

Not if you're an employee, your employer takes care of all that. The fuss comes when you're either earning money as a self-employed worker or you're earning it 'on-the-side'. The government wants its cut to help finance the war, that'd be the one with France against Napoleon.