I’m avoiding crazy mortgage rates by paying it off early -I made £100 in 5 days on Vinted with my algorithm busting hack
A WOMAN who made £100 in five days on Vinted, and is using the money to pay off her mortgage, has revealed her top tips for making sales.
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.
Lara Joanna Jarvis, took to YouTube to share the tricks she uses to make sales fast on the video sharing platform.
Pictures
The savvy seller explained that when taking pictures of the clothes you want to sell, you should make sure that you are in a bright room, and have a plain background behind the clothes, to show them in the best light.
She added that it is important to take pictures of yourself in the clothes. so that buyers can see what they look like on.
“I literally sometimes only buy things if there’s a picture of someone wearing it”, she said.
Description
Lara revealed that it is important to fill the description of your item in with as many keywords as possible, such as “beautiful fit, great quality, flattering, comfortable”, so that it will appear in the search results of as many people as possible.
“I don’t like it when people don’t put loads of information in there because I want to know if it’s brand new, if it’s dry clean only, if it’s true to size.”
Packaging
Lara said that to save money on packaging, she just re-uses the packaging from things she has already bought, and turns it inside out.
She added that she adds a little note in with each order, thanking the buyer for purchasing, in the hope that they will give her a good review.
“I made about £100 in a week, so it really goes to show that you can make really good money from selling things you no longer love”, she said.
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.
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
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.”
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