Ebay Profits - Taxable Income
kim_cleminson
Registered Posts: 4
Hello
I'm just looking for some advice and confirmation that my gut instinct is correct.
I have been approached by a new client, who is retired and his main income is pension payments. Just a little background for info only, his current pension payments received do put him in the higher rate tax band.
His reason for contact was following his decision to sell via ebay some personal possesions which he has collected over many years. He decided to start selling his collection as he hadnt realised how much he had and didnt want his wife to have to deal with the clearout after he has gone.
Ive looked into the 9 badges of trade and I feel that he isnt a business, the only part that makes me doubt myself is the amount of transactions and type of product. There have been a lot of transactions over the year and the items he is selling could be classed as specialist items.
The items are mainly motor industry related and are made up of postcards, photos and miniatures etc.
His profit at the end of year was a little over £10,000
Looking for any advice or insight please
Many Thanks
Kim
I'm just looking for some advice and confirmation that my gut instinct is correct.
I have been approached by a new client, who is retired and his main income is pension payments. Just a little background for info only, his current pension payments received do put him in the higher rate tax band.
His reason for contact was following his decision to sell via ebay some personal possesions which he has collected over many years. He decided to start selling his collection as he hadnt realised how much he had and didnt want his wife to have to deal with the clearout after he has gone.
Ive looked into the 9 badges of trade and I feel that he isnt a business, the only part that makes me doubt myself is the amount of transactions and type of product. There have been a lot of transactions over the year and the items he is selling could be classed as specialist items.
The items are mainly motor industry related and are made up of postcards, photos and miniatures etc.
His profit at the end of year was a little over £10,000
Looking for any advice or insight please
Many Thanks
Kim
0
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