From Wardrobe to Property Deposit
From Wardrobe to Property Deposit Declaring Income from Online Sales, and Why It Now Matters to Your Conveyancer An article for buyers, sellers and professional advisers, by David Pett, Solicitor and MLRO, MJP Conveyancing Limited. The Side Hustle Has Grown Up There was a time when clearing out the wardrobe meant a black bin bag, a charity shop, and a polite nod of thanks. Today it means a smartphone, a few well-lit photographs, and an account on Vinted, eBay, Depop or Etsy. The household clear out has become a marketplace, the marketplace has become a profession for some, and the line between the two has blurred to the point that even the seller is no longer always sure which side of it they are standing on. That blurring matters to HM Revenue and Customs, which has launched a substantial enforcement campaign aimed at sellers who have crossed the threshold into trading without realising it. It matters to platforms, which since 1 January 2024 have been under a statutory du...
