Attention all Vinted users: Spring cleaning might mean more than just tidying up your closet! Selling your preloved items can be a great way to earn extra cash, but there’s a tax wrinkle you should know about. Did you know that if you make 30 or more sales a year, or if your total sales exceed £1,700, HMRC may start paying closer attention?
Here’s the lowdown: Platforms like Vinted, eBay, and Etsy share sales data with the government. But don’t panic just yet! If you’re simply selling personal items you no longer need, you’re likely in the clear for Income Tax, unless you sell a single item for £6,000 or more, or a complete set, like a chess set, for £6,000 or more.
However, if you’re venturing into regular trading and your side hustle makes over £1,000 a year, it’s time to inform HMRC to dodge any nasty surprises. Don’t ignore those reminder letters; instead, get your records in order to show what you’ve sold and earned.
Thinking there’s a silver lining? There is! You might be able to reclaim some expenses like postage and packaging when you do your Self-Assessment tax form. So keep those receipts.
Stay savvy by knowing the ins and outs of what and how you sell online. This way, your decluttering efforts can continue breezily without the added stress of tax troubles. Keep calm, carry on selling, and let’s make sure your side hustle is as smooth as your spring clean!