Selling your personal items on Vinted is not always taxable to income tax. As we have explained in previous blogs, if the money you make over a year is less than what you paid for the items, you pay no income tax. It’s worth mentioning here but it may be rare, that the only time an individual item could be taxable to CGT is when you sell it for more than £6000 and there is a profit from the sale, that is you sell it for more than you paid for it. This may not be something you would sell on Vinted and maybe more relevant to selling on a Facebook marketplace or eBay. Should this apply to you, you do still of course have your annual tax-free exemption for capital gains tax currently standing at £3000 a year per individual taxpayer. These rules fall under HMRC’s chattels exemption legislation which we would be happy to look out for you and complete unnecessary returns. Should you believe you fall within them. E.g.

The HMRC chattels exemption means that personal possessions (tangible moveable property) sold for £6,000 or less are completely free from Capital Gains Tax (CGT). You do not need to calculate any gain on the disposal of a personal possession if the disposal proceeds did not exceed £6,000. If the proceeds exceeded £6,000 but were not more than £15,000, the amount of the gain to return depends on the amount of the:

• disposal proceeds
• actual gain

To find out the gain to include in any CGT summary pages, contact us to assist you in the tax return completion.

Drop us a line on email or call and we can answer your questions:-

Call Andy on 07879 464577

Alex on 07538 418839

Lindsay on 07584 706664

Or email her on Lindsay@lhtax.co.uk