Hi - I was wondering if you can do a video on NHS Pension Tax please? Lots of consultants pull out of the NHS pension scheme at this point. Lots of doctors are talking about "receiving second brown envelope". Some consultants have £100,000 + pension grow to pay. I find it quite difficult to understand how and why this happened?
Hi there please can you tell me If I made 2000 on Vinted and kept this in my Vinted balance to buy other Items off Vinted. Would I avoid this 1000 tax. Also in terms of 2024/25 Would they only be looking at the extra imcome I.E the 1000 allowence between April the 6th this year to 5th April next year... And any moneys made previously will not be counted. Many thanks Marie.
Hi there, thanks for your questions. Unfortunately, keeping money in a Vinted balance to then purchase additional items off Vinted does not exempt you from Taxation. Also, just to be clear, taxation is only on the profits you make and not on how much you sold the item/s for. (E.g say you sold an item on Vinted for £2,000, but it cost you £1,500. The amount [potentially] subject to tax is the profits which is £500). I say potentially, as how much tax you pay (if any) will depend on what income bracket you fall under. For your second question, yes - for the most part. Yes, any profits gained with a certain tax year, must (if required) must be declared. I hope that is clear. Please let me know otherwise.
Hi - I was wondering if you can do a video on NHS Pension Tax please? Lots of consultants pull out of the NHS pension scheme at this point. Lots of doctors are talking about "receiving second brown envelope". Some consultants have £100,000 + pension grow to pay. I find it quite difficult to understand how and why this happened?
Hi Parisah, yep I can definitely look at that. Watch this space :)
Hi there please can you tell me If I made 2000 on Vinted and kept this in my Vinted balance to buy other Items off Vinted. Would I avoid this 1000 tax. Also in terms of 2024/25 Would they only be looking at the extra imcome I.E the 1000 allowence between April the 6th this year to 5th April next year... And any moneys made previously will not be counted. Many thanks Marie.
Hi there, thanks for your questions. Unfortunately, keeping money in a Vinted balance to then purchase additional items off Vinted does not exempt you from Taxation.
Also, just to be clear, taxation is only on the profits you make and not on how much you sold the item/s for. (E.g say you sold an item on Vinted for £2,000, but it cost you £1,500. The amount [potentially] subject to tax is the profits which is £500).
I say potentially, as how much tax you pay (if any) will depend on what income bracket you fall under.
For your second question, yes - for the most part. Yes, any profits gained with a certain tax year, must (if required) must be declared.
I hope that is clear. Please let me know otherwise.
Hey, I just send you a message on your Instagram, and email for a question about your channel can you check it?
Thanks Snappy Cut, I will take a look.
Cheers