New seller - question about tax implication

coollegomom

Hello,

I just set up a new seller account to get rid off my son's Lego. I am not a company so what are tax implications, if any, that I need to be aware of? Do I need to keep track of the sales and declare them as income? I am in Spain.

Thank you in advance!

Area 51 Bricks

Personally I don't charge any tax, it really just depends on whether or not you want to take the time to set it up.

coollegomom

Thanks for responding. I don't want to get into trouble with tax authority and I am so new to this in Spain. I am from the U.S. where it is much simpler to sell used (occasionally new) stuff. I don't plan on charging tax but does it mean that I have to pay the taxes out of my pocket for all the sales? I don't think I am making a profit by selling old Lego but if anyone in the EU or Spain knows, please kindly respond.

Hoddie

Income tax depends on the country, but within the EU it's usually okay to sell your own private stuff without reporting that to the tax authorities. The exception would be if you sell so much that you exceed a threshold relating to capital gains or equivalent tax. Only someone familiar with tax in Spain can really help, and I'm not sure if any Spanish sellers frequent the forum. A quick call to the Spanish authorities might clear it up.

Bricks-Shop

Hey Coollegomom,
As I know it's quity similar in all European Countries. If you just sell your private stuff from your kids it's not a kind of business. This is just a private to private selling.
It's a different situation if you find fun with selling items and you start buying bulks, sort it and sell it. Than it might be better to register a small private company. In Germany you have to pay than some taxes together with your yearly taxes from the employee salary.

Regards,
Oliver from Bricks-Shop.

Geert Middelman

Check with tax experts in your country, don't take advice from the interwebz. :-) It is a very grey area, and it differs per country. Some have a 1000 Euro threshold, some make difference between new and used. To be sure, find a tax expert in your area, pay them for an hour of their time and ask ask many questions as you can.

Good luck selling!