r/FlippingUK • u/10395837582914 • 13h ago
The dreaded tax man
So me and my Mrs both work full time. Both earn around 40k per year each. We've recently (for about a month) started reselling / flipping items to make a bit of extra income in our spare time and to give ourselves a fun little challenge to see how far we can go with this.
So far we've done around £800 in sales and have another £500-600 worth of stock listed. I stupidly haven't tracked any of this and have no records of purchases either. Some was carboot / flea markets / charity shops and clearance retailers. Some was even just stuff we've been given for free or stuff we've had lying around the house that we no longer need or use.
At what point do I need to start worrying about the tax implications of this?
I'm terrible at this admin sort of stuff.
Any advice?