Tax on re-selling items?

[jdpl28]

Hi,

say if I buy in bulk an item, and then sell them on individually (planning on doing it on ebay), do I have to pay taxes on the difference? and if so, is it capital gains tax or does another tax apply?

thanks,
J

 

[Graham_07]

If, as it appears, you are trading in buying and selling goods then income tax/prsi/levies on the profit after expenses is what would apply. Bear in mind that VAT may apply if you exceed the relevant thresholds.

 

[Domo]

You will need to consider registering for tax as self-employed with the Revenue.

You should consider taking professional advice if you are going to trade, as there will be tax implications.

On the basis of what you have said income tax will apply as you are likely to be considered to be trading.