Friday, 9 February 2007

Inland Revenue In Common Sense Shocker

HMRC guides UK eBay traders on income tax

Seems that if you just use eBay to get rid of unwanted gifts or purchases, the mighty hob-nailed jackboot of the taxman (or 'HM Revenue and Customs' if you prefer, your majesty) will refrain from crushing your tiny profit and demanding its 25% (or 40%) cut on each sale. However, if you seek to make a profit by listing goods you bought with the sole intention of reselling them, then you're liable for the tax.

Well done. Sense prevails. For once :)

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