Vinted has provided all its users with an update on the current best-selling products.
The online marketplace is used by individuals who want to sell their unwanted items at a price they set, keeping all the profit.
The company earns revenue by taking a portion of the postage paid by the buyer.
One of the most important features of the app is its simplicity; as a seller, you don’t have to deal with addresses, and now digital labels eliminate the need for printing.
Just pack the product, mail it and wait for payment. In an email to app users, Vinted revealed that t-shirts and dresses are currently selling very well.
They stated, “We’ve just noticed that tops and t-shirts and dresses are popular on Vinted right now.
“If you have items in these categories in your home, now is the perfect time to declutter and make some extra cash.”
While most people are just selling stuff they already own, if you’re selling stuff as part of a business or “side hustle” the normal tax rules apply.
Currently, individuals can earn up to £1,000 from ‘side activities’ such as online sales without declaring it.
However, income that exceeds this threshold during the tax year requires that you register as an entrepreneur and submit a personal tax return at the end of the fiscal year.
To make tax compliance more efficient, HMRC has introduced new regulations for online sellers.
An HMRC spokesperson outlined the benefits of the new framework: “These new rules support our work to help online sellers get their tax right first time.”
They added: “They also help us detect willful non-compliance and ensure a level playing field for all taxpayers.”
In addition, HMRC encourages individuals to document their sales on platforms such as Vinted, even if the income is below the taxable threshold.
Additionally, potential Vinted users should review the terms and conditions and listing rules carefully to avoid account suspension. Detailed information is available through official resources.
