Capital Economy, Business and Finance
From next month Vinted will have to share personal data with HMRC on any UK users who make £1,700 or more selling second-hand clothes on its platform in 2024.
Vinted is the Lithuanian online peer-to-peer marketplace that made vintage clothes cool and assuaged a million troubled consciences by giving them an alternative to fast fashion.
In the process it has given a vast cohort of teenagers a way to make money. They will be flagged to HMRC if they sell at least 30 items this year, even though it would usually take many more than that to become liable for tax.
In France and the UK one person in four is currently using Vinted, the WSJ reports. In 2016 it was growing fast but going bust because of high costs.
It’s now worth €5 billion and thinking of going public.
