I’m a Vinted pro – here’s why selling your items for just £1 will make you loads of money in the long run
A VINTED pro has revealed a simple tip for making your clothes sell faster, and shared why flogging items for just £1 can actually help to make you loads of money.
Vinted is an online marketplace where people can buy and sell second hand clothes, shoes and accessories.
It’s completely free to upload clothes to the app and Vinted does not take a cut of sellers’ profits and instead charges buyers a small fee to purchase each item.
The secondary school teacher, known online as simply @yougettimeto, shared her hack via a video posted to her TikTok channel.
In the video, the Vinted seller revealed that she had just sold a bundle of necklaces online on the site for £1.
She said: “Some people would say it’s not even worth the price of the Sellotape, the box, or the time, but actually I used to work in marketing, and this is what small businesses do at the beginning of their journey”.
The teacher explained that if you price your items really cheaply, you are likely to make more sales.
People will be really happy to have received a good product for so cheap, so will then leave you a good review.
Once you have built up a bank of really good reviews, you can then start selling your products for more, as buyers will trust that your products are worth it.
This way you can end up making loads of money in the long run.
“It really is worth it”, the teacher said.
The video has likely left many people impressed, as it has racked up over 100,000 views on the video sharing platform.
TikTok users raced to the video’s comments section to share their thoughts on the tip.
One person said: “So worth it!
“I have more than 200 five star reviews”.
Another person said: “Good advice, I’ve just sold my first four items on Vinted”.
A third remarked: “I’ve found that as I’ve gotten more reviews my page is constantly being pushed to the top of the site, so now I can charge more”.
A fourth said: “Good reviews make a huge difference”.
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.
According to the popular platform, sellers do not have to pay tax on earnings they make from the site.
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.
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.
”A tax-free allowance of £1,000 has been in place since 2017 for people who trade for profit.”
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