me and HMRC

Suzy6toesSuzy6toes
in Other stuff
Swings and round abouts here. 

You prob saw this week how HMRC want to chase up tax due on (my) Ebay sales. Bugger.

But to (more than) compensate for this, I have finally found a way of making my hifi gear tax deductible. Hurrah! : My current resident mentee is studying music tech, and part of my duties are to help with homework, which is... to listen to and comment on the mix and sound stage of tunes, and to research songs that would be good to cover for the practical assessment. God! Why wasn't homework like that in my day???

Seriously though, I'm finding myself incredibly grateful for the Chews support I've had in getting together a system worthy of the task, and for helping me develop my own listening skills so that I do actually have something to contribute when we're "tackling" these arduous homework tasks!!

^:)^

Am curious as to what inventive ways those of you out there not in the trade have found for justifying your audiophilia to the tax wo/man?

Comments

  • sovereignsovereign
    Sorry I missed that, tell me more on HMRC wanting tax on the sale of second hand gear! Surely that is not legal
  • uglymusicuglymusic
    Do you have a link for that, Helen?
  • DocfosterDocfoster
     
    Suzy6toes said:
    You prob saw this week how HMRC want to chase up tax due on (my) Ebay sales.
    Where? Was there an item on Newsnight about this? Have a missed a meeting?


    Suzy6toes said:
    I have finally found a way of making my hifi gear tax deductible. Hurrah! : My current resident mentee is studying music tech, and part of my duties are to help with homework, which is... to listen to and comment on the mix and sound stage of tunes, and to research songs that would be good to cover for the practical assessment.
    You share the same accountant as Jimmy Carr?
  • Suzy6toesSuzy6toes
    Guys, any one would think none of you read the national institution that is the scaremongering of The Sun! 

    Don't fret though, think we're pretty safe: "Rules around what qualifies as taxable income are confusing. As a general rule, those selling unwanted possessions on eBay are unlikely to be liable for tax." Suppose it depends a bit on how regularly those "unwanted possessions" crop up and how rapidly they're entering and exiting the house 
    :D
  • sovereignsovereign
    It also depends if you bought said item new and therefore already paid the tax and therefore not liable to pay a double tax when you sell.
  • Suzy6toesSuzy6toes
    I might need you to explain that "buying item new" concept to me !!  :))
    But, yeah, otherwise that makes sense.
  • uglymusicuglymusic
    It's not news. This has been going on for years, with HMRC seeking to tax those who have small businesses selling stuff online. The usual test is turnover (lack of) and ownership of goods (are they yours and have been for some time, or have you bought them in to sell at a profit?).

    Which is more or less what James said.
  • sovereignsovereign
    Sorry, what I meant was. If you but an item new, say speakers for £1000 then £166.67 of that is VAT and the manufacturer would have paid co orporation tax, as would the component manufacturer as would the Hifi shop that you bought them from. That is a lot of tax paid already. That's why HMRC can't charge you tax on selling a product that has already been taxed. If however you reach a point where it is considered an income then that becomes different. These days you can make about £10,000 of profit, not turnover, before tax is payable. However if you already have an income then the incomes need to be considered as one. Hope that reads like I hear it in my empty noggin. :-S
  • DocfosterDocfoster
    edited January 2017
    So the profit counts as "income" exactly the same as a wage?
    Is the "about 10,000" you mention, the general personal tax allowance?
  • sovereignsovereign
    edited January 2017
    1st point ........ well yes and no. You would have to shift a hell of a lot of gear to be considered as a second income, no one that I know of, or any of you chewy people need worry. 2nd point, yes that's what I was referring to. Can I hold my hand up and say that I'm no accountant.
  • DocfosterDocfoster
    sovereign said:

    1st point ........ well yes and no. You would have to shift a hell of a lot of gear to be considered as a second income, no one that I know of, or any of you chewy people need worry.
    2nd point, yes that's what I was referring to.
    Can I hold my hand up and say that I'm no accountant.

    Yes. But I want photographic evidence.
Sign In or Register to comment.