How to make a little extra cash or find bargains online Frequently asked questions...
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What are the new tax rules on selling?
Digital platforms such as eBay, Etsy and Vinted are required to pass on data to HMRC, but only if you sell 30+ items a year or earn £1,000 or more in a single tax year. If you’re only earning a few hundred quid, it’s nothing to worry about. It’s not a new tax, it’s just a new law that gives HMRC more visibility over your income. Anything totalling under £1,000 is a tax-free trading allowance, but anything over will likely need to be declared on a self-assessment tax form.
Should I be worried about scams?
It’s safest to be paid in person, in cash. If you’re buying an item online, use their recommended payment methods. Don’t make bank transfers to individuals and avoid instant money transfers.
What are the best bargains when buying secondhand homewares?
Look for classic pieces such as leather armchairs or timber tables. Utility chic is a good investment so seek out metallic locker-style cabinets, filing cabinets, pendant shades or apothecary chests and units.
USEFUL CONTACTS
• Head to ebay.co.uk, facebook.com, narchie.com, vintagecashcow.co.uk, and vinted.co.uk to buy and sell online.
• For more info on selling online and paying taxes, head to gov.uk.
• Sell unwanted homewares in person by placing an ad on gumtree.com or preloved.co.uk.
If you do one thing...
If you’re selling an item online, never post your phone number or full address in the listing. Only give this information to the person who is collecting from you and only via direct messaging or phone contact. If you’re nervous about someone coming round to your home, arrange to meet them in a public place instead or have a friend with you when they come.
HOW TO... buy and sell successfully
Make sure you do your homework to find the right platform for you…
• Have a look at the most popular apps and platforms, read the small print about the commission that’s taken when selling items, and whether postage is included when buying. Check the policies on returns, too.
• Do you want to set a price for selling items or would you prefer offers? Are
