BMad

Hi, to add more to the mix, Vinted had some info on their app today, which states the below. Based on this and the previous questions and answers to my specific circumstances (house clearance, +£1000 sales current tax year but won’t make that much again, around 80 items sold, all personal 95% used items, sold for much less than paid), I continue to take the stance that I don’t need to declare this on my self assessment for 2023-24 tax year. Personal income tax rules Country of tax residency United Kingdom Is there a tax on selling second-hand? Selling your items on Vinted is not taxed. koy Sell items for less than you bought them for? There's no tax to pay. へ Let's say you bought a shirt for £30 and sold it for £29 - you made no profit, so there is no tax. • Is the price of your single item below £6,000? There's no tax to pay. へ Imagine, you sold a luxurious watch for £5,999 and not a single pound more - there is no tax. • Is your yearly profit below £3,000? There's no tax to pay. Let's say you bought a dress for £90 and sold it for £100 - you made £10 profit. That means you'd need to sell a lot of dresses in a year to make a profit over £3,000. And even then you can reduce it with the £3,000 tax-free allowance. If you don't hear from us, you don't need to do anything! You're all set to keep selling.

Thank you. From my perspective, I have done a house clearout, and whilst I may find a few more things to sell, I am very unlikely to ever make £1000 in one tax year again, as most of my personal high value items have already been sold, at much less than cost. Do I assume this does not need declaring? The big value items sold (the most being £90 for a wallet bought around 7-9 years ago) for which I don't have a receipt anymore, below that was an item for £68, but the majority have been less than £20, and those near the £20 mark were sarees and Asian outfits I had stitched to my measurements, which are between 5 and 20 years old, and again no receipts. As stated, I won't make this level of sales again, as most of any cupboards have now been cleared, and I have never bought anything with the intention to sell, as I just don't have the time or inclination!

Thank you for this. I have gone through the guidance and the links, and again come to the same conclusion that as I have only sold personal possessions, which were not bought with the intention of selling for a profit, and have not been sold for more than £6000, I do not need to declare this on my tax return.

The response from HMRC Admin 21 to @caitlinmcdermott is contradictory to the response from HMRC Admin 32 to me. Neither of us have bought anything with the intention to sell. We are selling things we have owned for a while, some used, some not, but either way, selling our own assets as a clear out, and hardly likely to make any sort of profit when taking into account purchase price vs sale price, but the turnover is more than £1000, but less than £6000.

Sorry just to add, I have not bought anything with the specific purpose of reselling to make a profit. All the items I have owned for a number of years (most items at least 3 years, some items 15 years!). Nothing is being sold for more than it was bought for. So far this tax year I have sold around 70 items, and have made just under £965 (many items for between £1 to £5). I have lots of items on my Vinted page so will likely be over £1000, but will never get to to £6000. Thank you

Thank you for this reply, However I have gone through the online questions again, and this is what the guidance comes up with: You do not need to tell HMRC about this income You do not need to pay tax on personal possessions you sold for less than £6,000. Check if you need to tell HMRC about income you’ve made by renting land or property If you’ve finished with this guidance, you can exit now and leave feedback (opens in new tab). Your reply above is contradictory, please advise further if the online questions outcome is incorrect.

Hello, I'm trying to understand the new tax rules around selling online. I started selling items on Vinted in Sept 2022. These are my own personal items, clothes, bags, shoes, outfits, mostly worn, but some new/unwanted gifts purchases from years ago. I don't expect to make £1000 in the 2023-24 tax year (though I might just hit it if I get a good run of sales in this next quarter), however so far this tax year, I have sold around 60 items. I am unclear as to whether I would need to declare this on my tax return. I followed a series of questions on HMRC website regarding selling/additional income which asked if I was selling personal items (yes), not selling anything for more than a profit of £6000 (no) which came back with that I need not declare, but no mention of £1000 in sales, or more than 30 items. It would be useful if some from HMRC could answer here so I can prepare in advance of my next tax return, Thank you. BMad