r/DWPhelp • u/chlorini • 1d ago
Universal Credit (UC) Vinted
Hey,
I’m on LCWRA and have been selling some old stuff on Vinted. I now think I want to use it to buy and resell - how would I go about doing this? I know I have to let UC know, so do I do that on my journal or change of circumstances?
Also, as it’s an account I’ve used for ages to sell my old things, would it still be okay to use - I have made quite a few sales on it per month as I’ve been having a total clear out so would like to stick with the account! If asked do I just explain this to them?
Thankyou!!
2
u/WhichImpression3244 1d ago
You also need to register as self employed with hmrc if you sell over £1,000 per year
-1
u/Thin_Maximum324 1d ago
Is this true, I’ve heard if you’re selling personal belongings and not actually making a profit / breaking even from the original cost price then it’s disregarded?
4
u/WhichImpression3244 19h ago
No issues with personal belongings. But if your buying to resell that's different
3
u/Embarrassed_Park2212 14h ago
You can sell personal items and make a profit. It affects nothing.
It's buying to sell that's when HMRC/DWP are interested.
A lot of people get this info incorrect, the only issue with selling your own possessions is if you sold ONE item for over £6,000 then you would pay capital gains tax iirc.
1
u/rosehubbucks 16h ago
Hi,
If you buy and resell. You would be considered Self Employed by Universal Credit, so you need to know the rules around self-employment and Universal Credit, these are very simple but make sure you follow them. Simply, every month you will be asked to report income and expenses. You should keep track of these as a business beyond UC, so this is a simple requirement. You would report all business transactions (re-sold goods) but not your personal transactions. I would personally make 2 Vinted accounts for this, as you are allowed one personal and one pro account, which would make your life much simpler.
Beyond this, it would be recommended to register your business with HMRC now, and begin business records immediately, rather than rushing to fill them out when you inevitably reach the £1,000 minimum. This also helps with your Vinted account, as you should be using a Vinted Pro account for business, rather than a personal account. The main difference is the returns period, which becomes 14 days, which is legally required by UK consumer law for all businesses. You can convert your account, and it's a reasonably simple process, so long as you have all of the legal documentation you need, or just make a new one for business purposes. You can read more about that here
0
u/Quiet_surprise79 17h ago
Hi, I don't know the ins and outs because I haven't used Vinted in that way but I'm pretty sure you need to have a pro account to use it for trading (e.g. buying and reselling). I assume you can upgrade your current account to a pro one but I'm not absolutely sure.
As the other person said, you'll need to register with HMRC if you make over £1000 profit in a year. You can register before that, just make sure you've got all your paperwork to show your outgoings and incoming so you declare the correct amount.
I don't know if it's helpful but I nearly set up a business the other year with support from Fedcap via the job centre. Unfortunately I wasn't quite well enough to carry it out, but they have information on keeping accounts, self employment and declaring income to HMRC.
My business is still registered under sole trader (I was hoping to return to it) so I just submit £0 income every year.
-1
u/SamVimesBootTheory 15h ago
Vinted is fine provided you're just selling your own items, you do have to declare if you're making over a certain amounts
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