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Those looking to make a buck through resale platforms including Vinted, eBay, and Depop will now have their earnings taxed by HMRC. Can we have anything at this point?
So, you wish to supplement your national insurance contribution, rent, road tax, pension, student loan, and eye-watering living expenses with a simple side hustle? How embarrassing.
The UKโs greedy hand will soon extend to resale apps like Vinted, eBay, and Depop as part of a HMRC crackdown dubbed the โside hustle tax.โ Donโt shoot the messenger.
The nationโs tax authority has demanded that these platforms routinely report their seller information, with the first obligatory deadline slated for the end of January next year. Yes, youโve got 12 months. Thatโs about all the good news to be gleaned here.
Specifically, the government is looking to rifle through our tax IDs, bank account details, and number of transactions made as an active seller. Whether youโre selling garments on Vinted, or a second-hand Car on eBay, the Tories want to know about it.
A crucial stipulation to note is that all users will be granted a ยฃ1,000 allowance as โtrading incomeโ, but anything over this threshold will be taxed. Basically, donโt shoot for the stars and youโll be just fine. Perhaps sell that unwanted sofa for ยฃ999 just to be safe.
Thatโll fix the economyโฆ #HMRC going full force after the low-hanging fruit of people making a few quid on the side on eBay/Vinted etc in a cost of living crisis. ๐คฆโโ๏ธ
Always the little guy, never the tax dodging millionaires or vast corporate empires.
โ Johanna Lee Miller (@JoLeeMills) January 2, 2024
The OECD (Organisation for Economic Cooperation and Development) also claims that those who record fewer than 30 transactions may not have to fill out a tax return, so long as a seller has generated less than ยฃ1,735 for the year.
The rules are muddy at best, but seniors from the respective resale companies are expected to clarify the details throughout 2024.
