- New HMRC rules in the UK require online platforms to report sellers’ income, including side hustles like selling second-hand items and freelance work.
- Leading marketplaces like Airbnb and eBay must pass data to HMRC to pursue sellers who fail to declare income.
- The rules, adopted from the OECD, emphasize the importance of data in tax reporting.
- Platforms must have systems to record and transfer sales data to HMRC.
- The rules aim to create a level playing field for all taxpayers and ensure robust VAT collection.
Source Innovate Tax
Click on the logo to visit the website
- Join the Linkedin Group on VAT/GST and E-Commerce HERE
Latest Posts in "United Kingdom"
- Isle of Wight NHS Trust vs HMRC: VAT Exemption Dispute on Locum Medical Practitioners
- HMRC Guidance: How to correct VAT errors and make adjustments or claims (VAT Notice 700/45)
- Supreme Court Decision Mandates Prudential to Pay VAT on £9.3 Million Success Fees
- UK Supreme Court Rules on VAT Grouping and Time of Supply in Prudential Case
- High Court Rules in Favor of Hotelbeds UK on Input Tax Recovery Without VAT Invoices
