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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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…
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