CASHING IN
I’m a Vinted pro & made £100 last week – my ‘bundles’ tip helps you flog more and why buying on the app is key too
Plus, learn all about the new Vinted rules below
A VINTED pro who made £100 on the site in just a week, has shared their top tips for making cash by selling old clothes.
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 person asked for tips on how to sell their items.
They said: "Any tips for selling on Vinted? I have over 500 items for sale and I'm lucky if I make £5 a week."
The post was flooded with helpful responses from Vinted users.
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One person said: "I find that if i upload 2-3 items daily and have a little search most nights, favourite things…sometimes buy too, this helps with selling."
Regularly engaging with the the app can help to boost sales, as it shows Vinted that you are an active seller, which can help to boost your algorithm.
The seller continued: "I’ve only been on Vinted a week and I've already made £100.
"Be reasonable with offers too, if you did a car-boot fair you'd be lucky to get 50p".
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"Put discounts on bundles too".
Putting discounts on bundles is a good way of encouraging users to buy more than one thing from your page.
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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.
So, now’s the perfect time to make yourself some extra cash on the likes of Vinted.
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.
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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