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Geek Speak / Selling PC built with spare parts - tax worries?
« on: 17/07/2018 13:08:16 »
Hi all
Hoping this is just me doing a dumb because I am totally stumped on this. I've built a PC using parts I've had lying around from other PCs, and going to sell it all as one because that means all those parts are gone, easy peasy. However some of those parts I paid either very little for or were gifted to me, and so I might end up selling at a small profit - will I have to pay tax on this? This tax calculator (income-tax.co.uk) says I'm just over the personal allowance amount meaning I'd pay 20% on it. Is this so? Thanks in advance for any replies
Hoping this is just me doing a dumb because I am totally stumped on this. I've built a PC using parts I've had lying around from other PCs, and going to sell it all as one because that means all those parts are gone, easy peasy. However some of those parts I paid either very little for or were gifted to me, and so I might end up selling at a small profit - will I have to pay tax on this? This tax calculator (income-tax.co.uk) says I'm just over the personal allowance amount meaning I'd pay 20% on it. Is this so? Thanks in advance for any replies