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Selling current PC to put money towards a DS PC

Post Date: 2018-09-05
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HTucker View Drop Down
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Posts: 1 		  Quote HTucker Quote  Post ReplyReply bullet Topic: Selling current PC to put money towards a DS PC
    Posted: 05 Sep 2018 at 3:58am
Hi! I've got a quick question I'm sure someone here can answer - I'm looking to sell my current PC and put that money towards a little something from DS. I was wondering if I'll end up paying any income tax on selling my current PC? I work part time and earn just under the personal allowance amount according to (www.income-tax.co.uk). Is this something I should be concerned about, or am I ok with not worrying and continue saving up for the DS PC?

Thanks!





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Edited by Snaike - 05 Sep 2018 at 6:31am
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Snaike View Drop Down
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Posts: 9462 		  Quote Snaike Quote  Post ReplyReply bullet Posted: 05 Sep 2018 at 6:31am
I'm not sure folks around here have knowledge of the UKs Tax Laws. I could be wrong as they have surprised me before... but, we'll see.   
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Strade View Drop Down
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Posts: 6 		  Quote Strade Quote  Post ReplyReply bullet Posted: 05 Sep 2018 at 10:19am
To be honest, i have known many people who sold electronics in small quantities, and they did not have to deal with any income taxes, but that is because they sold it hand to hand, some received the money in cash, some through wire transfer. I think that the general point of an income tax is focused on someone who is making a living off the income and conducts a business. I know i might be wrong, it's just that in theory we would have to do a lot of stuff when in practical life half of that stuff just slips through the daily life unnoticed.
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Cretae View Drop Down
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Posts: 7331 		  Quote Cretae Quote  Post ReplyReply bullet Posted: 05 Sep 2018 at 2:04pm
It's not a profit, so it's not income.
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hoserator View Drop Down
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Posts: 7966 		  Quote hoserator Quote  Post ReplyReply bullet Posted: 05 Sep 2018 at 2:51pm
It is a bit more complicated than that.
Cost vs sale's price, not income from work. Whereas I agree that a used pc will most probably sell for less than cost, it is not a given. If you make a gain, it is considered taxable. ( people don't pay sales taxes on their internet transactions but if they live in a state with sales tax, they are obligated to file and pay anyway). And if it is more than a set number of units (pc) in a given time it is a business with a different set of rules.That's how the IRS goes after people that say that what they do is not taxable because it is a hobby only. So, the OP should consult a tax professional in his jurisdiction if he feels that there could be an issue. AND he lives in the UK. Anybody an international tax expert?


Edited by hoserator - 07 Sep 2018 at 12:19am
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