QUIDS IN
‘Selfish’ man slammed for clearing Tesco shelves of baby products to get ‘£90 profit in 5 minutes’
Plus, learn how side hustles are taxed below
A MAN has been slammed for bragging about clearing the shelves in Tesco to sell products on for cash.
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 showed viewers how he makes cash, by heading to the clearance section of his local Tesco.
"Here's how easy it is to make £90 in five minutes, just from walking in to Tesco".
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The reseller then slammed people who do not partake in retail arbitrage as being "lazy" and of just sitting around and playing FIFA instead of working.
Using an app called BuyBotGo, he scanned a sleep bag for newborn babies, 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.
The app told him that he would get get £6.50 profit from reselling the baby products on Amazon, so he piled his trolley high with every single one of the sleep bags.
"I've managed to wipe that shelf out completely", he said.
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"I'm walking away with about £90 in profit".
The reseller will make a profit on the items by reselling them using Amazon FBA.
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
Amazon FBA is a service that online sellers can use, where Amazon takes care of the storing, packing and shipping of your products.
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 left many people open-mouthed, as it has racked up over 87,000 views on the video sharing platform.
TikTok users raced to the video's comments section to share their thoughts, with many criticising the seller for being 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 sarcastically remarked: "Single mums must love you!"
Another person said: "What about parents that actually need them?"
A third person said: "I find this quite scummy, for the sake of 90 quid."
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A fourth added: "Selfish".
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