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Repairing iPhones and reselling - taxable income?

Discussion in 'Apple Mobile Devices' started by Ewanc, Jul 3, 2018.

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  1. Ewanc

    Ewanc Thread Starter

    Joined:
    Jul 3, 2018
    Messages:
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    Hi :)

    I've been buying, repairing then reselling older iPhones (5-6s generations) and was wondering - should I be paying tax on these? Most of them are broken bought off eBay and then sold to a local repair store that will sell them themselves. Is the income, or all the money I get liable to income tax? How do I pay it if so? I only work part time so have a little bit yet until I hit the basic tax band according to this salary tax calculator, so I assume I'll be ok for now. Anyone got any good sites for me to have a look through in the mean time?

    thanks in advance :)
     
  2. TerryNet

    TerryNet Moderator

    Joined:
    Mar 23, 2005
    Messages:
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    First Name:
    Terry
    This site is for technical help, not legal or tax advice. You should probably consult a tax accountant.

    FWIW, having volunteered for nine years with AARP's TaxAide service, I'm sure that the revenue is considered taxable income and the money you pay for them is considered a deductible business expense. But take that with the proverbial grain of salt. You may not even be in this country.

    Closing, as we do not provide this type of advice.
     
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