CASHING IN
I’ve made loads selling my old clothes on Vinted – I know the best time to post for sales and the exact wording to use
Plus, learn about the new rules for Vinted below
A VINTED pro has shared some of her top tips for making money selling your old clothes via the online marketplace.
Vinted is an online marketplace where people can buy and sell second hand clothes, 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 does not take a cut of sellers' profits and instead charges buyers a small fee to purchase each item.
Posting in the Facebook group, one avid Vinted user shared her top tips for making sure your clothes sell fast.
Her first tip is to upload your clothes at a specific time, around 7pm.
She said that more items are likely to sell at this time as people have gotten home from work and are "looking for some bargains".
The Vinted whizz's second tip is to always list things for a bit more than you want to sell them for, as this way, if someone sends you an offer, you can still be happy with the price you end up selling the item for.
The Vinted seller also recommended using lots of hashtags that are relevant to your item (so the items are easily searchable) and posting your items into Vinted forums as this will help you to gain more followers and possibly also sales.
Another of the Vinted user's tips is to turn on bundles, to encourage shoppers to buy more than one thing from your site.
She also advised deleting and relisting your items if they haven't sold after a few months on the site.
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She said: "I know it’s scary losing all of your likes but this has worked for me and I’m hoping it’ll do the same for you".
Rounding off her list of tips, the Facebook users reccomended sending offers to people who have favourited your items to encourage them to buy them and making sure that your Vinted profile is updated with a photo and a bio.
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Online marketplaces like 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 jump by 15 per cent to £21 billion in 2022.
One in six people now say they buy used items, according to research commissioned by review site Trustpilot.
New Vinted rules to be aware of
IF you fancy clearing out your wardrobe and getting rid of your old stuff on Vinted, you’ll need to consider the new rules that recently came into play.
If people are selling personal items for less than they paid new (which is generally the case for second-hand sales), there is no impact on tax.
However, since January 1, digital platforms, including eBay, Airbnb, Etsy, Amazon and Vinted, must share seller information with HMRC as part of a crackdown.
You're unlikely to be affected if you only sell a handful of second-hand items online each year - generally, only business sellers trading for profit might need to pay tax.
A tax-free allowance of £1,000 has been in place since 2017 for business sellers trading for profit - the only time that an individual personal item might be taxable is if it sells for more than £6,000 and there is a profit from the sale.
However, firms now have to pass on your data to HMRC if you sell 30 or more items a year or earn over £1,700.
It is part of a wider tax crackdown to help ensure that those who boost their income via side hustles pay up what they owe.
While your data won't be shared with HMRC if you earn between £1,000 and £1,700, you'll still need to pay tax as normal.
So, now’s the perfect time to make yourself some extra cash on the likes of Vinted, or alternatives like , and .
According to the popular platform, sellers do not have to pay tax on earnings they make from the site.
This, HMRC stated, is because selling personal items through platforms like Vinted is not itself taxable.
''If the money a member makes on Vinted over a year is less than the amount they paid for the items they are selling, then there is no tax to pay,'' a Vinted spokesperson explained.
''Generally, only business sellers "trading" for profit might need to pay tax.
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''A tax-free allowance of £1,000 has been in place since 2017 for people who trade for profit.''
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