I didn’t know that. Omega never told me they have this policy because they don’t , most watches of all brands except for certain models cost less the moment you walk out

 

I’ve very close experience that tells me that HMRC don’t need to PROVE anything when searching through your tax records. If they see a pattern they will jump on you.

HMRC won’t be knocking on doors in the above example as they would never know. But I’m 100% certain that your above example should be declared.

 

It is the pattern of behaviour. It is still trading. The Y

capital gains and trading are different

 

I don’t think anyone would be chased here in the USA neither but if they found out then you could pay more in fines plus the taxes. I know that depending on how big and how often you get transfers on your bank account, the bank has to send some kind of report to the IRS.

 

I agree. It would be considered income.

 

'Want' - Yes HMRC would 'want' a person to declare the profit but the reality is that this never happens and HMRC have bigger fish to catch than a guy flipping a watch or a car or a........ so never chase.

 

But how would hMRC knows that you are trading , how do they monitor this activity?

 

Stuart, totally agree. There is a decision tree in effect built into the guidance in that it specifically starts with business vs personal and the guidance relates to the personal branch. If it looked like you were trading as a business (even as a sole trader) then the tax treatment would be different. It's all a grey area and why tax advisers can charge enough to by gold Omegas

 

HMRC have teams that monitor various websites eBay being one.

 

They probably just watch forums like this

 

Yes I am sure that they would, but as I have paid for the watch it is my decision how I dispose of it, I might take the honourable route and see if the AD would take it back, they may they may not, I might decide to sell it on e-bay, I might decide to sell it on a forum, I might decide to sell it to a family member who offered me the RRP for it, I might sell it to the guy down the road who offered me 'a margin' on the watch, it is my decision what I do with the watch after all I paid for it.

 

Again pattern of behaviour. Once fair enough, ten times?

 

Yes and they look for patterns, look for regulars, not a person selling something that they have decided they no longer want for whatever reason.

 

We have established that it is a pattern of behaviour, not a one off, so HMRC would have to prove that you are a trader by demonstrating that you have made a number of trades that resulted in you having an income from the trades, yes?

So, if I buy a 50th Snoopy, and flip it, for a profit HMRC are not going to chase me for some tax.

 

Come on guys, you’re ruining this thread. Why don’t you exchange emails and fight it out that way.

If you’re not loving this watch and planning to keep it, why are you even here?

 

Effectively yes, you would have significant undeclared income. One offs are more difficult to prove.

 

Just got a good scare while polishing what I thought to be scratches on the moonshine bezel at 12 o'clock under the rim and it isn't even 1 day old. Turns out at closer inspection with the loupe it just inscribed markings with the omega logo and material code.

 

Good spot, don't over polish it now though

 

Well my pattern is I bought one watch and sold it and few days later, that's it.

 

Just keep an eye out for those strange men in dark glasses close to the homestead, they'll be 'watching' you