HMRC
2024 - 1 - 2HMRC Crackdown: Online Platforms Forced to Share Seller Details
HMRC - online platforms - self-assessment - side hustles - tax evasionNew rules by HMRC require online platforms like eBay, Airbnb, and Etsy to disclose seller information, impacting side hustles and second-hand sales.
HM Revenue & Customs (HMRC) is tightening the grip on tax evasion with new regulations that mandate online platforms to share seller information. Companies such as eBay, Airbnb, and Etsy are now required to disclose details of individuals making money through their platforms, targeting side hustles and second-hand sales. The crackdown aims to combat tax evasion and ensure individuals are paying their fair share to the UK authorities.
This move by HMRC is causing a stir among those who engage in selling goods online on platforms like Vinted, eBay, and Depop, as well as individuals renting out properties on Airbnb. The sharing of seller information is expected to affect a wide range of individuals involved in side hustles and online selling, with stricter reporting requirements and potential tax implications.
In addition to these new rules, HMRC deadlines for self-assessment tax returns are looming, with millions of Britons urged to act before facing fines. The tax authority is emphasizing the importance of meeting the January 31, 2024 deadline for submitting tax returns and settling any outstanding tax obligations.
As the crackdown on tax evasion continues, HMRC's focus on digital transformation and enhanced data sharing with online platforms signals a shift towards more stringent tax compliance measures in the UK. These changes are part of a broader strategy to increase transparency and revenue collection while ensuring individuals fulfill their tax responsibilities.
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New rules that came into effect on January 1 mean digital platforms must share more seller information with tax authorities.
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Resale platforms to share information with HMRC amid tax clampdown (Drapers)
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People who make extra cash from online activities will be subject to more HMRC scrutiny from this year. Firms including Airbnb, Vinted and eBay are now ...
HMRC cracks down on 'tax-evading' second-hand online sellers and ... (LBC)
New HMRC rules target 'side hustles' on online marketplaces by obtaining the financial data of sellers who are underreporting their income and evading tax.
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Those on Universal Credit, Working Tax Credit and Child Tax Credit are eligible for DWP Help to Save scheme.
'Side hustle tax' to see online platforms share seller details with ... (Apparel Resources)
Resale platforms such as eBay, Etsy, Amazon and Vinted must now share seller information with HM Revenue & Customs (HMRC) as part of a crackdown, ...
HMRC 'side hustle tax': Vinted accounts closed due to new tax (Hampshire Chronicle)
The HMRC tax on side hustles means digital platforms such as eBay, Airbnb, Etsy, Amazon and Vinted must share seller information with HM Revenue…
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HMRC's latest updates on UK tax characterization of overseas entities, with a focus on Delaware LLCs, shedding light on transparency for members.
HMRC 'side hustle tax': Vinted accounts closed due to new tax (Hexham Courant)
The HMRC tax on side hustles means digital platforms such as eBay, Airbnb, Etsy, Amazon and Vinted must share seller information with HM Revenue…
HMRC 'side hustle tax': Vinted accounts closed due to new tax (The National)
The HMRC tax on side hustles means digital platforms such as eBay, Airbnb, Etsy, Amazon and Vinted must share seller information with HM Revenue…
HMRC 'side hustle tax': Vinted accounts close due to new tax (Oxford Mail)
The HMRC tax on side hustles means digital platforms such as eBay, Airbnb, Etsy, Amazon and Vinted must share seller information with HM Revenue…
Sell on eBay, Etsy or Vinted or rent your home on Airbnb? Firms will ... (MoneySavingExpert)
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The HMRC tax on side hustles means digital platforms such as eBay, Airbnb, Etsy, Amazon and Vinted must share seller information with HM Revenue…
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