QUICK BUCK
I’m a reselling expert & made £20k in one month… here’s the must-buy item that’ll make you £10 in seconds
Plus the new rules to be aware about when reselling online
A SAVVY reselling expert who made £20,000 in one month has revealed the must-buy item that will make you £10 easy.
Frankie, from Gradedwholesale, took to social media to warn fellow money-savers to be on the lookout for a trending piece of clothing.
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Many savvy Brits are looking to bag a few more quid reselling their old clothes - but many aren't sure about which items to list online.
Luckily, Frankie has revealed the one item you have to consider.
Taking to his TikTok account, he said: "Have you ever thought about getting into vintage reselling?
"People are making thousands of pounds each week by doing this with little effort and little start-up costs.
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"You might be thinking 'yeah that sounds good but what items do I sell?' Let me give you a little secret."
He told users not to toss in the garbage their old jorts from the 2000s.
Instead, you can list them online and scoop a good amount of cash.
He added: "If you didn't know last year the most trending vintage items were jorts and with the summer coming you need to make sure you get these in ready because they'll be flying out.
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"People are buying these jorts for around £10 and selling for £25 online."
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The stylish denim shorts were popular more than two decades ago.
But they have now become trending again after the revival of Y2K culture from the 2000s across social media and high fashion.
There is also a high demand for functional workwear and baggy menswear and pocket-heavy slacks.
According to the expert, he has been able to fork out thousands in just one month.
The total amount sold on Depop was a whopping £29,205 from 625 items listed.
But you can use other reselling online platforms.
On Vinted, similar jorts have been listed for up to £45 and £30 for a Carhartt pair.
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It comes as a woman revealed how she keeps on top of her Vinted orders, with a three step method that take the stress out of selling.
The self-confessed ‘Vinted guru’ has tons of tips and tricks on how to make the most your sales, with her regularly making between £78.50 a week on the app.
New Vinted rules to be aware of
IF you fancy clearing out your wardrobe and getting rid of your old stuff on Vinted, you’ll need to consider the new rules that recently came into play.
If people are selling personal items for less than they paid new (which is generally the case for second-hand sales), there is no impact on tax.
However, since January 1, digital platforms, including eBay, Airbnb, Etsy, Amazon and Vinted, must share seller information with HMRC as part of a crackdown.
You're unlikely to be affected if you only sell a handful of second-hand items online each year - 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 business sellers trading for profit - the only time that an individual personal item might be taxable is if it sells for more than £6,000 and there is a profit from the sale.
However, firms now have to pass on your data to HMRC if you sell 30 or more items a year or earn over £1,700.
It is part of a wider tax crackdown to help ensure that those who boost their income via side hustles pay up what they owe.
While your data won't be shared with HMRC if you earn between £1,000 and £1,700, you'll still need to pay tax as normal.
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