8mm Forum: Selling old film stuff

This is topic Selling old film stuff - need advice? in forum General Yak at 8mm Forum.

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Posted by Luca Oliver (Member # 6453) on 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]

Posted by Robert Crewdson (Member # 3790) on 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.

Posted by Osi Osgood (Member # 424) on 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

Posted by Mark Davies (Member # 6249) on 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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