Tax on machine sales?
#1
Hi all

I repair, refurbish and resell machines I run into online and on local buy/sell sites. I'm starting to make some half decent money selling fruit machines - I was wondering if income from online sales counts as income? I'm currently only really doing it as a hobby, but with the current growth of sales my total income will be over the basic tax band and become taxable, according to this tax calculator. Do I have to pay tax on sales/declare it as income to HMRC? I can't find a whole lot about it online so could use some help! Thanks in advance :)

Cheers
Joe
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#2
Any work Income is supposed to be reported to HMRC.

If you are on a businesses Payroll they will report it for you and deduct your tax & NI so that you don't have a bill.
If you are self employed you have to do a tax return to report what you've earned and pay the relevant tax & NI

To answer your question - yes your income from it is Income and is supposed to be declared to the Revenue. Doesn't matter if it's £20 or £20,000 legally it is supposed to be declared.

Are you unemployed ? The reason I ask is because if you are employed and already earn above £11,500 per annum then any earnings from your hobby will be liable for 20% tax as you've used up your basic free tax allowance with your job.

Oh and Welcome to the Forum by the way Smile
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