Tax implications of sports cards sales?
Complex one- I’m over the threshold so will need to self assess in a few months.
However wondering if anyone had experience of the following:
My account is a personal account, nearly all of what I’ve sold is football cards OR football card boxes.
Most of the cards I’ve sold are cards that have been pulled from boxes I’ve bought, pretty much none for more than the cost of the box: example, £200 football hobby box; maybe sold £50 of cards from it, and kept the rest. Would this just be classed as personal and to not self assess on this at all? (However if I could include the losses that would probabley help for the next part)
The second lot of what I’ve sold is sealed boxes; with these I’ve bought with the intention to sell- example I may have bought a box for £200 and sold for £250. This I know I’ll need to include on the assessment.
The third part is a few cards I’ve bought then re-sold, some for a little bit more than I paid, some for a loss. Some cards I’ve just bought and added to my own collection.
I’ve also got a few sealed boxes that I haven’t sold OR opened yet- can these all be deducted from “profits”?
Basically I’m definitely down money between the boxes I’ve opened and the ones I’ve resold - Could I just include everything in my self assessment? in which case I’ve definitely not made profit. Can I include boxes I’ve not sold yet?
It’s a weird area because it’s mainly for a hobby but I do often buy extra boxes to sell for a profit (to cover some of the costs of the ones I open)
Sorry for the complex question and thanks in advance if anyone has experience themselves.