Unveiling the Vinted Journey
In snippets of her Vinted journey shared on social media, Jodi Rix highlights that her success stems from her shopping addiction spanning over a decade and her penchant for hoarding. Selling items ranging from high-street brands like Zara and Topshop to sports giants like Nike and Adidas, Rix reveals the diverse range of goods that contributed to her £1k windfall.
During her maternity leave, Rix humorously acknowledges her potential as a “top seller in a few years” as she turned her old clothes into a significant income. The trend of selling second-hand items on platforms like Vinted and Depop has seen a notable surge with financial pressures driving a 15% increase in sales of used goods to £21 billion in 2022.
As Vinted and similar platforms gain millions of users, the appeal of selling pre-loved items is heightened offering individuals an opportunity to navigate the cost-of-living challenges. One in six people now opt for used items according to Trustpilot research making this an opportune moment for those seeking additional income.
READ ALSO: Home Flipping Success: Couple Transforms New Jersey Property, Adds $180,000 in Value
Caution: Taxman’s Watchful Eye
While the allure of turning clutter into cash is evident, caution is advised. The HMRC has set its sights on resellers, individuals making a profit through platforms like Vinted. As of January 1, Vinted is obligated to report income information to HMRC putting sellers under the taxman’s scrutiny.
To avoid hefty fines, Rix advises selling items for a fraction of their original price, emphasizing the importance of not falling into the category of resellers. With HMRC’s increased vigilance, sellers who make no more than £1,700 for fewer than 30 sales in a reporting period are spared from providing information to tax authorities providing a relief for occasional sellers.