Tax on Vinted sales!?

[Lewiscapaldiscat]

Article

I can’t believe what I have read?

so the rich can own 5 properties and that’s a hobby but selling your kids old clothes at a loss is a profit?

you only have to sell £84 month to fall foul of this! (£1000 a year!)

thoughts?

That doesn't sound right. How will they differentiate buying to sell than people selling old used clothes (or new that they bought hoping to use and they didn't). There is no clear cut really unless they monitor exactly what you are selling. Sounds they are only concerned about the amount.

The government is the authority ( no pun intended) in encouraging tax evasion, at a big scale of course, they call it tax incentives 😂

Tax is charged on income from additional properties.

This refers to profit made from selling on ebay, vinted etc. If you're selling things you owned and used, it's unlikely there'll be any profit. Its targeting business sellers.

A previous poster — I think it was Flickersy — made a list of indicators. Come to think of it, those indicators are the same checks I make when I'm deciding whether to complain about being sent a broken but fixable item, or simply to accept it without making a fuss.

For example, I bought a coat and it turned out to have a broken zip, but I decided from the seller's other items that s/he it was another parent listing stuff in a hurry, while trying to raise money for the next size. I just bought a new zip and put it in.

Do you know anything about tax? When selling properties (apart from main residence), your pay tax.

Also you're wrong about how bunted is taxing people.

*vinted not bunted

Ha ha read the thread!

I enjoyed your aggressive post and typos!

You silly little sausage.

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?!

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 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.

You don’t need to pay tax on it.

You're very kind

@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".

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.

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.

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).

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

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!

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.

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

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.

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.

Exactly!

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

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

This link is helpful !