Question about income tax on sold stuff?

  • Mylee's Avatar
    Hello all. I recently bought a new car for myself, and now in the process of selling the old one. However I'm a little confused about if it needs to be taxed or not if I just offload it to a dealer for cheap rather than go through the fuss of selling it privately as I've never done something like this and don't have much time to nowadays. Will it count as income and so need to be taxed as I didn't pay for it in the first place (hand down through family)? I've looked at calculators but still can't find anything out about it. Hope someone here can help!
    Last edited by MRenk; 23-12-21 at 17:03. Reason: removed link
  • 6 Replies

  • Beelzebub's Avatar
    Don't worry, it's not taxable.

    Selling personal or household goods doesn't attract tax (not least because we've almost invariably made a loss on them!).

    The taxman starts to take an interest when you're buying stuff to resell rather than for personal use.
  • Santa's Avatar
    There is income tax and car tax (also known as Vehicle Excise Duty). The first, as said above, does not apply.

    When you sell the car, be sure to fill in the boxes on the V5 document to tell the DVLA that you no longer own it. This is important for two reasons: First, you will get a refund of any unused tax. Second, if the new owner gets caught speeding, the fine will not come to you.
  • Motman's Avatar
    Totally illegal if your business is the resale of goods and I suspect the main purpose of your post was to promote the totally useless foreign website in your link. Reported to moderators.
    Last edited by MRenk; 23-12-21 at 17:02. Reason: quote removed
  • KarenMoses's Avatar
    Sold goods aren't taxable as income if you are selling a used personal item for less than the original value. If you flip it or sell it for more than the original cost, you have to pay taxes on the surplus as capital gains.
    mypascoconnect
    Last edited by KarenMoses; 15-03-21 at 12:29.
  • Chung7599's Avatar
    Hello all. I recently bought a new car for myself, and now in the process of selling the old one. However I'm a little confused about if it needs to be taxed or not if I just offload it to a dealer for cheap rather than go through the fuss of selling it privately as I've never done something like this and don't have much time to nowadays. Will it count as income and so need to be taxed as I didn't pay for it in the first place (hand down through family)? I've looked at calculators but still can't find anything out about it. Hope someone here can help!

    I suspect the main purpose of your post was to promote the totally useless foreign website in your link. Reported to moderators.
  • richardpadilla's Avatar
    There's income duty and auto duty ( also known as Vehicle Excise Duty). The first, as said above, doesn't apply.

    When you vend the auto, be sure to fill in the boxes on the V5 document to tell the DVLA that you no longer enjoy it. This is important for two reasons First, you'll get a refund of any unused duty. Second, if the new proprietor gets caught speeding, the fine won't come to you. Completely illegal if your business is the resale of goods and I suspect the main purpose of your post was to promote the completely useless foreign website in your link. Reported to chairpersons.