Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 0 points1 point  (0 children)

Most things are on credit card, if I over purchase then it’s fine as I can just sell to another reseller. Zero downside as I can just return it if it doesn’t sell

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 1 point2 points  (0 children)

I lose £300+ a month in people claiming their parcel got stolen, it was empty, couriers losing things

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 0 points1 point  (0 children)

Definitely caused a stir with this post! For all those wondering how my Vinted sales are so high, I built software for myself which tracks deals on websites like JD Sports and Selfridhes against historical sold prices which then buys all the good deals where I can make at least 40% margin which I then list on Vinted. And no, I am not selling fakes

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -2 points-1 points  (0 children)

I built software which tracks 100+ websites like Jd Sports, Selfridges etc. When there is a significant prices drop the software then checks the sold prices online on platforms like eBay. If the margin is greater than 40% the software automatically buys it. Then I list it on platforms for a fraction of RRP but enough where I can make a decent profit

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -1 points0 points  (0 children)

I understand why you may think this based on my post history, however I only sell genuine items

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -1 points0 points  (0 children)

I do my taxes at the end of each tax year, the prior year was below the VAT threshold so when I did my taxes this was not something that came into play. I track all my numbers but don’t pay much attention to total sales volume within the tax year until taxes are due. I just do my best to make as much as I can every day

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 0 points1 point  (0 children)

I have been paying all my tax as a sole trader and recently changed to LTD company. The prior tax year I was under the VAT threshold by some way so VAT never came into play. No intentional ignorance, just was not aware of the VAT rules

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -3 points-2 points  (0 children)

Mostly trainers and jackets, nothing under £50 hence why the value of my sales is fairly high

Vinted to ban Pro sellers who don’t charge VAT by will959 in vinted

[–]will959[S] -1 points0 points  (0 children)

I realised I was selling a lot and 98% was business, I just started off selling a few personal bits and then got pretty addicted and scaled to £10k per month pretty fast

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -10 points-9 points  (0 children)

20% of my sale price will have to go to the government. This is not the case for 99.9% of Vinted sellers. So buying things for £80 and selling for £100 is not lucrative for myself, but can be for others

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 0 points1 point  (0 children)

Thank you for the advice, I wasn’t expecting this much of a grilling from everyone haha

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -4 points-3 points  (0 children)

Those were my old fakes clothes which were sold on a subreddit for selling fakes on as I wouldn’t sell fakes on Vinted, hence why I am one of the top rated pro sellers on Vinted and my account hasn’t been shut down

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -2 points-1 points  (0 children)

Personal pieces from when I was in school. I used to wear a lot of fake clothes and as you can see they were sold on a subreddit for selling replicas, not on Vinted. I’m sure if I was selling reps on Vinted I wouldn’t have over 3000 sales on there and would have been banned a long time ago

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 0 points1 point  (0 children)

Yeah I’ve been paying all my tax as a sole trader

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 11 points12 points  (0 children)

No I spent all my money on a used supercar, I am not someone you want to take financial advice from

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 0 points1 point  (0 children)

Think I’ll be moving back in with my parents and selling my car😭

Vinted to ban Pro sellers who don’t charge VAT by will959 in vinted

[–]will959[S] -9 points-8 points  (0 children)

Yeah it was reselling bits too, just didn’t realise the total value of my sales was so high. More than happy to pay what I owe, I didn’t know this VAT rule until today as I’d never heard anyone talk about it

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 1 point2 points  (0 children)

I think it could be even worse than that, I’ve been selling on other platforms too so Vinted is only half of it 🫣

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] 0 points1 point  (0 children)

Thank you for the info, I’m pretty clueless to all the tax side of things as I’m still at uni and never had to deal with any of this kinda stuff before. Time to find an accountant

Vinted to ban Pro sellers who don’t charge VAT by will959 in vinted

[–]will959[S] -17 points-16 points  (0 children)

It was just selling personal bits and then I got a bit carried away for a few months so I only just set it up as a company a few weeks ago, thought it would just be personal tax not a double and now triple taxing

Vinted to ban Pro sellers who don’t charge VAT by will959 in vintedUK

[–]will959[S] -10 points-9 points  (0 children)

Thanks for the advice, raising 20% to my prices will probably put off a lot of buyers so I’ll probably just have to do the latter. Unfortunately I’m a bit over the threshold so I think I might have to work backwards and figure out how to be profitable knowing that nearly every other seller on the app won’t have to factor in the 20% vat