🛍️ Love selling on Vinted, eBay, or Etsy? Here’s the scoop: HMRC is getting serious about tracking what you’re making! They’ve invested £40m in monitoring online sales, so if you’ve reached over 30 sales or earned more than £1,700 in a year, they might already have their eye on you. 👀
From January, platforms like Vinted have been required to share your info with HMRC if you’re exceeding these thresholds. Lee Murphy from The Accountancy Partnership warns that if your side hustle is earning more than the ÂŁ1,000 trading allowance, it’s crucial to declare it—or risk a friendly nudge from HMRC, or worse, a more in-depth investigation.
Good news for casual sellers: if you’re just decluttering and selling your own pre-loved clothes, you should be in the clear. However, if you’re consistently turning sales into cash, it’s time to get organised! Check your sales history and keep track of expenses like postage and packaging. These can be deducted when you file your taxes, potentially saving you some serious dosh! 💰
Underestimate HMRC’s warnings at your peril; ignoring them could cost you more in fines than you make in profit. If unsure about your tax obligations, use free online tools to gauge what you might owe.
Bottom line? Keep your records tidy and play it safe to avoid nasty surprises later. Peace of mind is priceless! ✨
Stay savvy, sellers! đź“ť #Vinted #Etsy #OnlineSelling #TaxTips #SideHustles #HMRC