Selling stuff to fund more planes but quick question first?

[mardeen]

Hi! I built my first kit (honestly can't remember what it was, but it really wasn't great!) and crashed it immediately, and also spectacularly. The kit was an xmas present from last year and I absolutely loved every part of the process, so have decided to start selling off some stuff I don't want and start funding fun projects like this. My concern is if I will be paying any taxes on the money I get from it? I've had a look around this salary calculator but can't get my head around it... any advice? I'm UK based, but anything will be appreciated

Cheers!

 

[Scooter The White Rabbit]

Wow! Um, maybe a pounds to dollars or Euros calculator might be best first. So, if you sold your grannies piano... you'd be taxed on the sale, even though it's a private sale, one person to another? If you are a business selling parts I could see it.
Anywho, suggest posting a list of equipment or have it evaluated by your local shop before posting to set a price, per item or as a complete set.
Happy Flights!

 

[Merv]

I have no idea about UK, here in the USA, the answer would defiantly be no taxes from selling your stuff. That is, unless you made a business out of it. You'll need to sell LOTS & LOTS of stuff to be considered a business.

 

[d8veh]

There's no tax to pay when selling your own stuff in the Uk.