Why quote £3k when HMRC (and others!) are saying £1,000 and/or 30 items.
That is when the sites are supposed to pass information on to HMRC. It is not when you are liable to pay tax.
TAX has nothing to do with the number 30 or the figure of £1k
It's also wrong - or at least misleading.
The £6000 rule quoted seems to refer to Capital Gains Tax. Buying and reselling is much more likely to be considered as trading and so taxed as income rather than capital gains. Capital gains will only become relevant if you are decluttering and have valuable items (eg jewellery, antiques) worth thousands.
"Matt" would only have no tax to pay if he has no other income.
They are only correct for those decluttering, like "Jane".
"It's also wrong - or at least misleading."
"Capital gains will only become relevant if you are decluttering and have valuable items (eg jewellery, antiques) worth thousands."
It is also wrong - or at least misleading
That is a bad email and is simply going to land Vinted in trouble, especially when clothing is rarely seen as a capital asset. They are not tax advisors and shouldn't be using it to stop sellers from fleeing. Everyone's situation is different and it is best to get professional advice in case one is selling regularly. (edited)
Vinted in the UK is only open to private sellers, not business sellers, so they are assuming it's just people selling their personal items. It's still wrong though. They should link to the information on the HMRC site- straight from the horse's mouth and all that.
Maybe they have experienced a reduction of listings/sales due to the new rules so they want to falsely reassured people
Author
That’s what I thought , Matt from Liverpool is clearly trading, selling £30k per annum
I would imagine a bigger issue is that HMRC and DWP share data. People may not be liable for income tax but it will affect benefit payments.
Author
That is nothing to do with vinted sending info to HMRC. It is merely stating your tax position. Hmrc may still contact you for clarification etc once you sell 30 items / 1k
Where is this magical £3000 tax free allowance? I've heard of £1000 disregard but 3k?
Author
£3k is capital gains per annum, it was £12k but the conservatives have cut it down to £3k in the 2024-25 tax year
How can the tax free allowance be £30,000
Author
I don’t see any mention of this, I see Mark has sold £30k that is revenue, he’ll need to deduct his cost to calculate income/profit
It also doesn't take into account sales that you make on other platforms!
Author
Technically they only report on 30+ sales or 1800 euros, once Vinted Etsy amazon eBay et al add NI numbers to customer details they’ll have it sewn up
26 Comments
sorted byWhy quote £3k when HMRC (and others!) are saying £1,000 and/or 30 items.
TAX has nothing to do with the number 30 or the figure of £1k
The £6000 rule quoted seems to refer to Capital Gains Tax. Buying and reselling is much more likely to be considered as trading and so taxed as income rather than capital gains. Capital gains will only become relevant if you are decluttering and have valuable items (eg jewellery, antiques) worth thousands.
"Matt" would only have no tax to pay if he has no other income.
They are only correct for those decluttering, like "Jane".
"Capital gains will only become relevant if you are decluttering and have valuable items (eg jewellery, antiques) worth thousands."
It is also wrong - or at least misleading
It's still wrong though.
They should link to the information on the HMRC site- straight from the horse's mouth and all that.