Martin Lewis warns Vinted and Ebay sellers they have days until 'side hustle' deadline

Martin Lewis warns Vinted and Ebay sellers they have days to actSource: ITV

Transcript

00:00Airbnb, eBay, Uber, Vinted, and similar

00:02have to share your earnings with HMRC

00:04due to an international rule change.

00:05In January last year, they had to start collecting data.

00:07By this Friday, they have to start sharing it.

00:10Now, they will pass on your data

00:11if you're selling over 30 items

00:13or over about 1,700 pounds a year.

00:15But crucially, the tax rules have not changed.

00:19Tax is only due for those who are traders.

00:21That is people who are deliberately buying stuff

00:24in order to sell it for a profit,

00:27or building and repairing it

00:28in order to sell it for a profit.

00:29Not producer Alex who was telling me

00:31she cleared out her wardrobe and was worried.

00:32You cleared out your wardrobe, it's your stuff,

00:34you didn't buy it for profit, you're absolutely fine.

00:36Now, if you are trading, selling for profit,

00:39you can sell a maximum 1,000 pounds a year of stuff,

00:41including platform fees.

00:42Above that, you are and have always been eligible

00:46to pay tax, but now they're reporting it,

00:47so be extra careful.