Vinted - have you informed HMRC about sales, or earnings. Im under the threshold but been told to report 🤷‍♀️

[CornishTeaTime]

Vinted has advised to report/complete a form Ive made £600 since starting with them over 65 sales.

I work part time and also do self employed work one day a week which Im registered for...do I need to declare vi ted earnings on my tax assessement in April 🤷‍♀️

Anyone done this?

Just submit the form nothing bad is going to happen.

Self assessment is always due end of Jan, for everyone. Though there are some earlier dates for different types of submission.

End Jan this year is for tax year ending 5/4/24.

Maybe that's what you're thinking of, the reference period rather than the due date? You can do it any time after 6/4 each year, once you have all your details in.

I tend to do mine around June, as that's when I'll have for everything I need together. P60 etc.

Always a school day on mumsnet.

That's not exactly true; self assessment must be done by the 31st and at least one payment towards any tax must be made, but you don't have to pay everything by the 31st.

The last thing HMRC wants is a tax liability for people selling their 'old shite'.
There would be no tax to pay because you would be selling it at a loss, which loss could be used to offset tax which is due on profits- leaving HMRC worse off.

You would have to pay all the tax due for 2023/24 by 31 January 2025

Taxing the private school parents… now it’s taxing you and your side hustle. Everyone needs to contribute to building the economy!!

The platforms will be required to hand information to HRMC … they will find you. It’s politics!

enjoy !

Ok, last May, I received the following from Vinted:

'You’re one of Vinted’s most successful sellers, with 43 sales and £2245 of earnings in 2024.
To keep that up next year, we need your help to meet a UK requirement called HMRC reporting.
We prepared everything for you - check it out.'

I consented to the form, returned it (all online and via Vinted) and that was that. No penalties, no tax to pay.

I expect it will be exactly the same this year. I've sold more, but still under the £6k threshold.

Am a private seller, not a business. Am selling my old clothes and accessories, and re-selling any Vinted items that weren't right for me.

Edited to add that I've yet to receive notification about this year.

I think they are aiming to tax people that buy from carboots and cheap dropship sellers and sell in for a profit rather than those getting rid of their own clothing. Not sure how it works for people buying at charity shops or clearance lines. I bought some stuff 90pc off in the sales non refundable and it doesn't fit so was going to put it on V.

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim20205

If anyone really wants to know how HMRC decide if you are trading or not then look at the Badges of Trade section in HMRC's business manual.

The £6k is a CGT limit on chattels. HMRC are interested in whether you are engaged in an "adventure in the nature of a trade". If you are, you are liable to income tax on trading profits.

Selling second hand items that were bought for personal use is not an "adventure in the nature of a trade". You will not be liable to income tax on those clothes sales.

The reporting to HMRC means little from your perspective. Self-Assessment is exactly what is says. You decide if you are liable and file an annual return. If HMRC contact you, you may need some proof these were personal second-hand items - photographs of you wearing those items might help. 43 items sold is not excessive. I doubt HMRC will be interested other than sending you a 'nudge letter'.

How do they check this? I sell things I no longer want on eBay. Sometimes they have been much worn and loved, sometimes they are things I bought on eBay that aren't quite right, sometimes they are barely worn. I often don't have receipts and even if I did, for items that were second hand anyway I may be selling them for the same amount I bought them for or even a touch more. How do i demonstrate if asked that this is all personal selling? I don't expect I will sell more than £1000 this tax year but it's possible if I list a couple of expensive dresses and pairs of shoes I no longer wear.

Yes, thank you for telling me something I already know. V. much appreciated!

I have no doubt HMRC is not interested in me, OP or the majority of sellers on Vinted and other sites who are making less than a few grand a year selling off old clothes and other knick knacks. Since the new rules came in, have noticed that many of the professional sellers are now labelled as such on these platforms. These are the ones HMRC are interested in. For now, am happy to let Vinted continue notifying HMRC on my behalf, and if they want to take it further, they can contact me directly.

Doubled checked with my accountant and all been done for 2023/24 so nothing to do until we have passed the 05.04.2025.

All been done for 2023/24 so nothing to do until we have passed the 05.04.2025.
@Georgyporky

Yes BUT these items werent sold for profit/work/earnings they were literally old stuff that were lurking at the back of my wardrobe, I was declutering!!!!

No, because I won't be making any profit on the items considering what they cost me originally

I accidentially came across this from Vinted and was shocked hence syarting this post.

I would be interested to know if anyone else has this HIDDEN REQUEST on their account and didnt know!!! Go to your Vinted account the go to...

Profile
Legal Information
HMRC Reporting

So for example if I was to buy an expensive bike on eBay for £2k, ride it for a year and decide I don't want it so sell it on eBay for £1500, I would have to pay tax on the £500 over £1k, surely that can't be right. That is no different to selling clothes, it's what I have bought, used and sold for less than I paid.

No because you didn't buy the bike to sell it so you are not trading.

Even if you were trading there would be no tax as you would claim actual costs instead of the trading allowance making a loss

No, that is not right. You are taxed on profit, not sales. You have not made a profit so no tax to pay.

HMRC aren't coming after people who sell a few items online they are trying to identify people with undeclared trading income. They want reports from online selling platforms to help identify these traders. Someone selling say 20 items over a couple of months on vinted wont be of interest but someone regularly selling large amounts on multiple platforms will be.

This. They're after the drop shippers.

Ebay Me pages went away a long time ago
but I archived the content of mine 10 years ago.
Tax law has not changed since then.

Have a read of the actual rules around selling on sites like vinted and ebay
talkinpeacemepage.wordpress.com/2014/09/10/the-talkinpeace-me-page-as-it-was-before-being-evicted-by-ebay/

I have wondered this. Technically you’re not making any money really. Say you buy something at £100 and sell it for £20. There’s no profit?