Huge change for Brits flogging clothes & junk on Vinted and Ebay – how it will affect you

UP to 300,000 Brits making money on Ebay or Vinted will no longer have to file a tedious tax return.

In a boost for side-hustlers, Treasury Minister James Murray will raise the threshold for filing a self-assessment tax form from £1,000 to £3,000.

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Up to 300,000 Brits making money on Ebay or Vinted will no longer have to file a tedious tax return[/caption]

The move, coming into force by 2029, will slash the admin burden for savvy Brits trading old clothes on Ebay, selling baked goods, driving a taxi or creating content online.

But it won’t change the amount of levy owed.

Instead of spending hours navigating the complex tax return system, a new and simple online form will be used for declaring cash earnings up to £3,000 in self-employed work.

Tax Minister James Murray said: “From selling old games to creating content on social media, we are changing the way HMRC works to make it easier for Brits to make the very most of their entrepreneurial spirit.

“Taking hundreds of thousands of people out of filing tax returns means less time filling out forms and more time for them to grow their side-hustle.

“We are going further and faster to overhaul the way HMRC works to make sure it delivers the Plan for Change that will help put more money in people’s pockets.”

Of the 300,000 Brits to be spared the tedious self-assessment, 98 per cent are self-employed individuals who report small amounts of trading income, and 2 per cent report income from property.

Meanwhile 90,000 have no tax to pay and so this change will remove their need to report their trading income to HMRC at all.