Attention all Vinted sellers! 🚨 If you’re selling on Vinted, there’s a new update you need to know about regarding HMRC reporting. Vinted has reached out to clarify these requirements, aiming to keep things crystal clear for its users.
Here are the key points:
🔸 Selling personal items? Generally, no tax applies. But if you’re diving into more frequent selling, some rules might kick in.
🔸 No tax is due if:
– You sell items for less than you bought them.
– Your item’s price is under £6,000.
– Your yearly profit (capital gain) is under £3,000.
🔸 Who’s affected? If you’ve made 30+ sales or earned over £1,700 in a calendar year on Vinted, you’ll need to pay attention. This doesn’t automatically mean a tax bill but requires you to submit a form by year-end. Vinted reassures that all your data is safe and encrypted.
💼 But what if you’re just clearing out your wardrobe? No worries there—selling a few unwanted items doesn’t change the game. Remember, new rules aren’t taxing these sales, but they do require platforms like Vinted to share data with HMRC.
Important to note:
– If you buy items specifically for resale, make products to sell, or offer services (like being a delivery driver), and earn over £1,000 a year, you might need to register for Self Assessment.
For more details or to check your status, head over to Vinted’s website. Stay informed and keep those sales coming! 💸✨
Let’s keep those pre-loved items circulating without any tax surprises! 🛍️💃