Ask Nick – VAT

Angela Howard asks:

Id VAT charged on second hand goods? EG things you buy from Ebay etc

I’ve looked into this and the answer seems to be that if you’re a private individual you don’t need to worry about VAT. However, if you’re a business and are thus VAT registered and are trading in items that are normally VAT-able, you will have to pay the tax on any profit you make. If you don’t make any money you won’t have to pay tax.

If you’re intending to trade heavily on eBay or elsewhere, I’d strongly recommend speaking to a qualified accountant.

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