CHRISTMAS is just eight weeks away, which means it’s the perfect time to make some extra money for presents.
And what better way to do that than have a clear out of your wardrobe and clutter to make room for any new gifts you may receive.
A Vinted pro has revealed the four money-making items in your wardrobe[/caption]
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.
To help any novice sellers, a Vinted expert has revealed which items will bring in the most cash.
E-commerce accountant and founder of Your ECommerce Accountant Ben Sztejka says there’s four items that are most likely to earn you the biggest profits.
Here, he reveals what you should consider selling if they’re gathering dust in the back of your wardrobe.
Dr Martens Shoes
Durable and timeless, Dr Martens remain a top seller all over the world.
There’s a simple reason for this – they appeal to a range of people from fashion conscious teenagers to everyday workers.
Pre-owned DMs in good condition attract quick buyers with solid resale value due to their long-lasting construction.
Designer trainers
Designer shoes, especially those limited editions, attract lots of interest and high prices online.
Ultra-rare models are particularly profitable but any lightly worn designer shoes can generate big profits.
Vintage jeans
Classic styles like Levi’s 501s and 505s draw strong demand amongst vintage lovers and fashion forward buyers.
However, any unique denim remains popular online.
Special occasion clothing
Wedding dresses, event wear and prom outfits that have only been worn once sell well online as buyers look for nearly-new options at a fraction of the retail price.
These items can be easy to find online and buyers are attracted quickly.
Do you need to pay tax on items sold on Vinted?
QUICK facts on tax from the team at Vinted…
- The only time that an item might be taxable is if it sells for more than £6,000 and there is profit (sells for more than you paid for it). Even then, you can use your capital gains tax-free allowance of £3,000 to offset it.
- Generally, only business sellers trading for profit (buying goods with the purpose of selling for more than they paid for them) might need to pay tax. Business sellers who trade for profit can use a tax-free allowance of £1,000, which has been in place since 2017.
- More information here: vinted.co.uk/no-changes-to-taxes
Ben’s tips come as shoppers are racing to download Vinted on their phone after seeing that British Vogue has joined the second-hand website.
The high fashion magazine has revealed they’re partnering up with Vinted to sell their closet and donate the money to Oxfam, so you’ll be helping out a good cause too.
Items being flogged included a gorgeous virgin wool Calvin Klein coat which was sold for just £170.
According to fashion pros at The Real Real, the coat cost over £2,100 when it first came on the market.
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.
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.”
