8mm Forum: Selling old film stuff

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Topic: Selling old film stuff - need advice?

Luca Oliver
Junior
Posts: 1
From: Abingdon, Oxfordshire, UK
Registered: May 2018

posted May 16, 2018 07:32 AM

Hi! I used to work for a small film studio before it collapsed, losing me my job but also getting me a load of new and old mid-high end filming equipment (cameras, lenses, lightboxes, microphones etc). I've had the space to keep it for a while but because of a new job I will be moving across the country and downsizing (more expensive property). This means cutting down on possessions I don't really need, ie this recording gear, so I'll be selling this off. I was wondering if this would count as taxable income, as I paid very little for it and will more than likely make money from it? I've looked at this income calculator (https://www.income-tax.co.uk/ and I'm very close to the higher tax band with my current income, let alone the slight payrise the new job will bring. Can someone advise? Thanks [Smile]

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Robert Crewdson
Phenomenal Film Handler

Posts: 1031
From: UK
Registered: Jun 2013

posted May 16, 2018 08:08 AM

If you advertise pieces here or on Ebay, it wouldn't have anything to do with the Inland Revenue. Better to advertise it here with prices first, as Ebay take a cut of your selling price.

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Osi Osgood
Film God

Posts: 10204
From: Mountian Home, ID.
Registered: Jul 2005

posted May 16, 2018 11:11 AM

Yep! Ebay takes ten percent right off the top, not to mention a little more in the shipping and handling as well.

No ten percent on here! Just potential "haggling"

Best wishes

OSI

--------------------
"All these moments will be lost in time, just like ... tears, in the rain. "

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Mark Davies
Film Handler

Posts: 65
From: Stourbridge, UK
Registered: Jan 2018

posted May 16, 2018 02:33 PM

You are a private seller and not taxable\Vatable..

Example.. I sell my car.. I don't pay tax or VAT..
I sell my TV.. I don't pay tax or VAT..

Now I sell 30 cars.. or 30 TVs and someone is coming looking for me.

There is an exception to this, is that if you sell a Van .. the Tax/VAT whatever is not paid at purchase, so you sell that on, you must pay the government some money or the buyer does and that goes with converting a Van to a Car. There may be a few other things along that line, but pretty sure, it's only Vans for some reason..

That is roughly my understanding..

So what are you selling?

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