I love making money with Vinted – my ‘go slow’ tip will bring more customers to you
A VINTED expert has shared her top tips for selling your old clothes for cash.
Vinted is an online marketplace where people can buy and sell second-hand clothing, shoes and accessories.
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It’s completely free to upload clothes to the app and, unlike other sites like eBay and Depop, Vinted doesn’t cut sellers’ profits, instead charging buyers a small fee for the purchase of each item.
Louise Ward shared her top tips for flogging your assets online via a video on her TikTok channel, where she is known as @binnenplaatscreatief.
“If you’re cleaning out and want to get rid of stuff and make some money, Vinted is a great place to sell clothes and shoes,” she said.
Louise explained that selling on Vinted can be a bit overwhelming if you have a lot to list, but added that the best thing to do is to get your items onto the site gradually.
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“Your stuff is more likely to be seen if you wear one thing a day, rather than all at once,” she said.
New Vinted rules to watch out for
IF you feel like cleaning out your wardrobe and getting rid of your old stuff on Vinted, you should take into account the new rules that recently came into effect.
If people sell personal items for less than they paid new (which is usually the case with second-hand sales), there are no tax implications.
However, since January 1, digital platforms including eBay, Airbnb, Etsy, Amazon and Vinted have been required to share seller information with HMRC as part of a crackdown.
This is unlikely to bother you if you only sell a handful of second-hand items online each year. In general, only business sellers who trade for profit may have to pay taxes.
Since 2017, there has been a tax-free allowance of £1,000 for business sellers trading for profit. The only time an individual personal item can be taxable is if it is sold for more than £6,000 and a profit has been made from the sale.
However, companies must now pass your details on to HMRC if you sell 30 or more items a year or earn more than £1,700.
It’s part of a broader tax cut to ensure those who increase their income through side hustles pay what they owe.
Although your details will not be shared with HMRC if you earn between £1,000 and £1,700, you will still have to pay tax as normal.
“Just take it slowly and you should get better results.”
Another tip from Louise is to make sure you label all your Vinted packages with a brief description of what items they are so you don’t send them to the wrong person.
“I have been known to do this,” Louise admitted.
Louise’s video has probably impressed many as it has been viewed more than 66,000 times on the video sharing platform.
TikTok users rushed to the comments section of the video to share their thoughts on Louise’s tips.
One user said: “Great tips. I also posted the wrong item to the wrong person!”
Another person said: “I love Vinted. It’s a great place to buy and sell.”
A third person said: “I started selling things I wasn’t wearing a few weeks ago and I’ve made £400.”
Online marketplaces such as Vinted and Depop have millions of users across the UK, with the cost of living crisis only increasing their popularity.
Financial pressures in British homes saw sales of second-hand goods rise by 15 percent to £21 billion by 2022.
One in six people now say they buy used items, according to research commissioned by review site Trustpilot.
So this is the perfect time to earn some extra money with Vinted, for example.
According to the popular platform, sellers do not have to pay taxes on the income they earn from the site.
According to HMRC, this is because selling personal items via platforms such as Vinted is not in itself taxable.
“If the money a member earns on Vinted in a year is less than the amount they paid for the items they sell, then no tax is due,” a Vinted spokesperson explains.
”Generally speaking, only business sellers who ‘trade’ for profit are required to pay tax.
Since 2017, there has been a tax-free allowance of £1,000 for people trading for profit.
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