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Thread: Question about tax - saying goodbye to my collection

  1. #11
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    yeah,,, thats pretty much true at this point.

  2. #12
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    Quote Originally Posted by KC9UDX View Post
    Dave, it's May.

    Cheers
    Matt
    Must take more water with the booze...

    ... and having read the UK Tax pages, computers seem exempt from CGT. If further advice is needed we have something called "Citizens Advice Bureau" (CAB). They have a page here:-

    https://www.citizensadvice.org.uk/de...-tax-problems/

    on how to get help. As many IT contractors in the UK have found out paying for advice may not result in good advice...

    https://www.accountingweb.co.uk/tax/...y-tax-on-loans

    also Spanish footballers (thats soccer of course)...

    http://www.bbc.co.uk/news/world-europe-40287173
    Dave
    G4UGM

    Looking for Analog Computers, Drum Plotters, and Graphics Terminals

  3. #13

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    Billdeg - if it all sold I would be going over my current tax band, only realised how close I was after actually going through this tax and salary calculator earlier this month as I was sorting out my mess of direct debits and things I didn't realise I was even paying for.

    thank you everyone else for the replies! I'll look at contacting HMRC or getting an accountant to help, will try not to get fleeced!

    Thanks again
    Finlay

  4. #14
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    Just to note. If I recall right, in the US if your selling at a loss you don't have to pay taxes. It might not be the same in the UK. You could sell the stuff with a ebay/paypal ghost account... But lets not go there, that a mess can on legal worms.


    I second getting with a accountant, tax office or tax attorney. Better to be safe then sorry.
    I have dyslexia, you may need to read my posts twice to understand what I said.

  5. #15
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    Quote Originally Posted by Mr. Horse View Post
    Just to note. If I recall right, in the US if your selling at a loss you don't have to pay taxes. It might not be the same in the UK. You could sell the stuff with a ebay/paypal ghost account... But lets not go there, that a mess can on legal worms.


    I second getting with a accountant, tax office or tax attorney. Better to be safe then sorry.
    I find it really odd. In the UK we have two sorts of tax (well more).

    Income Tax if the things you are selling are things that you trade in, so you buy and sell them as a business. Here you should pay income tax on the profit, but again trading expenses can be included.

    If they are things you bought for personal use and are now disposing them after some time then "Capital Gains Tax" (CGT) is the relevant tax.

    Here you can normally offset the losses against gains but only in the same year. You are also allowed 8000 of gains every year BUT it appears "machines" are excluded. So collectible clocks and watchs are excluded. I would therefore expect computers to be classified in the same way, so any profits made on computers you have owned for some time as collectable items can be sold at a profit tax free...
    Dave
    G4UGM

    Looking for Analog Computers, Drum Plotters, and Graphics Terminals

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