Tax on Vinted sales!?

It is £1k per tax year (April to March).

You also do not pay a tax where you have made a loss (selling clothes/ toys for less than you have paid for them).

But if you sell a lot, you may need to complete a self assessment firm to evidence that (due 31 January the year following the end of March tax year... So filing by 31 January 2024 is for the 2022/23 tax year that ended last March).

It does not sound like you need to worry.

You won’t be taxed. This applies only to people who are “trading”, ie buying things with the intent of selling them on at a profit.

Start keeping records so it’s easier to demonstrate you’re not trading.

The threshold is per year

What a fucking stupid thread.

You only pay tax on profit.

Profit is when you sell something for more than you paid to buy it, after taking into account all your costs to sell & post it etc.

Its not the amount you sell the item for. That is revenue and irrelevant for profit based tax.

If you are genuinely making actual profit over £1,000 a year from selling on vinted, then yes you need to pay tax on it like any other profitable business, large or small.

You do not if you are making a loss. But if you make more than a certain amount, you may need to complete a self assessmdnt to evidence that.

Hi,
I wonder if you can help. I have had a major clearout over the last year and I have sold items like my child’s old toys and clothes that have accumulated over the years, I did not want to add to the climate issue of throwing away. I have not made a profit because obviously every item is a loss items like £1 for slippers £2 for Disney soft toy etc. In the last 15 months the amount has gone over the £1000 threshold but I have not made notes on how much things cost like packaging, labels because I didn’t know this would happen. The issue is you are selling at a loss ie items for £1 it costs more to wrap and package. I have tried to call HMRC for clarification but no answer. I have checked Vinted’s website and it states the allowance is £1735, and I am well under this amount. But would really appreciate your advice. This has really worried me because I don’t want to get a tax bill for items that I sold for £1 which originally cost a lot more than this.

It’s good that people like influencers will be taxed properly

Many people do 'vintage' selling as a job and thus their earnings are taxed. Anyone doing it as a hobby must keep careful track of what they sell and their allowable expenses (e.g. broadband costs, utilities costs, packing, postage, software to take photos and upload them to sites, etc) as, if (when) HMRC come calling, you will then have evidence to present which probably will mean you pay little to no tax. You cannot make money selling second-hand goods on a regular basis and expect to pay no tax, I am afraid. As to property ownership, it's not tax-free either and maintenance has to go on top (and may not always be tax deductible).

This link is helpful !

There might be less scammers on eBay if they need to provide an authentic national insurance number.
if you have a place you are renting out on Airbnb then you should already have self assessment for income in place. As the rise in Airbnb has put the rental market in some areas into real hardship as rents for just grotty studios are overinflated due to demand as lack of available properties as easier to let on Airbnb than have a tenant.

plus doesn’t come into effect until Jan 25 so sell all your stuff quickly

Exactly!

Then calling others a "silly sausage" when you've made a perfect fool of yourself!

I'm the same. I've had a massive clear out. I had bags of stuff in the loft because I'm a bloody hoarder. My daughter left home and left loads of clothes to get rid of. I've probably got another 100 items to list, all at the £5/£10 mark. Also my 12 yo son who's grows out of things every couple of months at the moment. I sell his stuff to go towards new. None of it is taxable. I'm determined to clear it all out though and streamline our life.

As any accountant, payroll person or tax professional will tell you, knowing the correct amount of tax you or your client or employee owes and getting HMRC to agree are rarely the same and almost never simple, which is why people are concerned.

Surely it is only on profit though so not folk just selling old unwanted items - you aren't making a profit if you sell the jeans that you bought for £50 last year and and selling on for £10 now surel

There has been no change in tax law. Read the article and you’ll see that it is simply pointing out the rules that have existed for years.

My only real concern here is how can I prove it when I regularly get rid of my emails from purchases etc.

I’ve had Vinted try and flag me as commercial a couple of times even though I’m not, just because I’ve sold well. I had a huge spending spree on beauty advents and got gifted a load too. There was no way I was going to get through it all so I started selling the items I didn’t want on Vinted - at much reduced. Vinted flagged me for selling loads of ‘new’ items even though beauty items have to be new obviously!

I’m not going to indefinitely sell them, obviously, because when I run out I run out, but it seems bizarre that I could end up paying tax when it’s literally a clear out!

Try reading the article properly and asking some questions about tax before getting angry.

So it might trigger further investigation by HMRC who will then decide whether tax is due on profits made over and above £6,000. It's nothing to get het up about. You're behaving as though they are going to be ripping bottles of milk from the mouths of babies!

I can only imagine you've not been on the wrong end of an HMRC "investigation"? Their usual MO is to make unsubstantiated claims about what tax you owe, and then leave it to you to prove you don't (unless you are very wealthy or a big corporation).

Nothing discussed in this thread has any impact on you. It's about people trading, ie buying stuff to sell at a profit, not about people selling their own possessions because they're downsizing.

The only thing that may affect you is Capital Gains Tax, if you sell something valuable.And that's always been the case, that's not new.

I just try to be fair. But anyway, a lot of accounts are clearly business sellers. You can tell by the volume of listings and the amount of reviews they have been left across a particular time period. It must be even clearer if you have access to records of sales.

What really annoys me now is the amount of businesses that have set up duplicate accounts selling exactly the same items, in order to get around ebay's fee structure. Someone else on the thread has mentioned the same thing. It means you have to scroll down and down and down to get to an alternative seller.

@Lewiscapaldiscat educate yourself and stop posting in a rage about people considerably richer and more knowledgeable than you! That's why they have five houses and you don't!

You silly billy!

Got it all wrong, stamping your feet..... but it's not fair ...... because people have five houses as a "hobby".

You're very kind

You don’t need to pay tax on it.

I've made £2k this month selling a few things on ebay because I'm downsizing the massive amount of stuff I have, fuck if I'm paying any tax on it ever.

large variation in type of clothes being sold which indicates it's not just from one family's wardrobe (mens, women's, children's, specialist work gear, holiday clothing, sports gear, formal and non-formal etc)

Eh that could easily be from one family's wardrobe 😀

I've sold over 100 items on Vinted since September.

All women's clothes in two sizes, men's clothes in one size, boys clothes in one size, girls clothes one size.

Average selling price was about £5. Average price per item that I paid originally was probably about £30. I have no receipts or whatever but I know roughly where/when/who things came from and how much they were.

I'm not worried about this in the least. I'm NOT trading!!

Why can't people understand this?!