CASHING IN
‘This is why cost of living is so high’ man slated for bragging he makes £90 an hour profit by clearing Tesco shelves
Plus, learn more about how side hustles are taxed below
A MAN has been slammed for bragging he makes £90 profit by clearing the Tesco shelves and selling products on for profit.
Known only as @resellrepublic_ online, the self-proclaimed "entrepreneur" took to social media to share details of his retail arbitrage.
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Retail arbitrage just means reselling a product on for profit.
It is completely legal in the UK, as, once you own an item, you have the right to resell it.
In a TikTok video, the reseller urged people to "stop working for minimum wage, and pull your finger out".
Demonstrating how he makes his cash, the man headed to his local Tesco and made a beeline for the clearance section.
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Using an app called BuyBotGo, he scanned each item, and the app told him how much they are selling for on Amazon, and how many times they have been sold in the past month.
For example, the reseller revealed that a Bosch coffee machine, priced at £39.99 in Tesco, is selling for £73.99 in Amazon, meaning that he will make £14 profit from each unit, after Amazon's fees.
The man loaded piled trolley high with coffee machines, hand mixers and whisks, before heading to the check out.
He explained that he would make about £90 of profit from the products, for less than an hour's work.
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The reseller will make a profit on the items by reselling them using Amazon FBA.
Amazon FBA is a service that online sellers can use, where Amazon takes care of the storing, packing and shipping of your products.
I cleared the shelves in Tesco and made £180 in just one hour - people say I'm talking absolute 'waffle' but it's so easy, anyone can do it
So all he will have to do is send the products off to Amazon and wait for the money to roll in.
The video has likely struck a chord with many people, as it has racked up over 493,000 views on the video sharing platform.
TikTok users raced to the video's comments section to share their thoughts on the man's money-making scheme, with some suggesting his actions are selfish.
Do I need to pay tax on my side hustle income?
MANY people feeling strapped for cash are boosting their bank balance with a side hustle.
The good news is, there are plenty of simple ways to earn some additional income - but you need to know the rules.
When you're employed the company you work for takes the tax from your earnings and pays HMRC so you don't have to.
But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.
Stephen Moor, head of employment at law firm Ashfords, said: "Caution should be taken if you're earning an additional income, as this is likely to be taxable.
"The side hustle could be treated as taxable trading income, which can include providing services or selling products."
You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.
Stephen added: "You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.
"The applicable tax bands and the amount of tax you need to pay will depend on your income."
If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe - plus extra fees on top.
One person said: "You are such a parasite and waste of space.
"What do you actually contribute to society.
"Nothing, just profiting at the expense of us all".
Another person said: "This is why the cost of living is so high".
A third said: "When a family with low income goes to Tesco to buy affordable products they are all gone as Amazon resellers kill every family opportunity".
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A fourth added: "This is why i don't use Amazon or eBay anymore. everything is overpriced".
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