Vinted has provided an update to all its users on the current best-selling items.
The online marketplace is utilised by individuals wishing to sell their unwanted items at a price they set, retaining all of the profit.
The firm generates revenue by taking a portion of the postage fee, which is paid for by the buyer.
One of the app’s key features is its simplicity; as a seller, there’s no need to handle any addresses and now digital labels eliminate the need for printing.
Simply package up the item, post it, and wait for the payment to clear. In an email to app users, Vinted revealed that t-shirts and dresses are currently selling very well.
They stated: “We’ve just found out that tops and t-shirts and dresses are popular on Vinted right now.
“If you have items in these categories lying around your home, now is the perfect time to declutter and earn some extra cash.”
While most people simply sell items they already own, if you’re selling items as part of a business or “side hustle”, standard tax rules apply.
At present, individuals can earn up to £1,000 from ‘side hustles’ like online selling without having to declare it.
However, earnings beyond this threshold within a tax year mean you must register as self-employed and submit a self-assessment tax return when the financial year ends.
In a move to boost tax compliance, HMRC has rolled out new regulations targeting online sellers.
An HMRC spokesperson outlined the benefits of the new framework: “These new rules will support our work to help online sellers get their tax right first time.”
They added: “They will also help us detect any deliberate non-compliance, ensuring a level playing field for all taxpayers.”
Additionally, HMRC is encouraging individuals to document their sales on platforms like Vinted, even when earnings are below the taxable limit.
Moreover, potential Vinted users should meticulously review the terms and conditions, alongside the catalogue rules, to avoid account suspension. Detailed information can be accessed via official resources.
