In 2022 Jonathan made a few bulk EBay purchases of vinyl records which he sold in December for a small profit. He is worried because at a party one of his friends said he thought Jonathan would have to pay tax on any profit he makes. Required: Making reference to two 'Badges of Trade', explain the comment made by Jonathan's friend and challenge why it may not be correct

Answer rating: 100% (QA)

Jonathans friends comment about Jonathan potentially having to pay tax on the profit he made from selling vinyl records on eBay likely stems from the ... View the full answer