New HMRC Rules for Online Sellers
HMRC has introduced new rules that affect anyone who sells items on sites such as eBay, Vinted, Etsy, or Depop or people who rent out their homes on Airbnb and other similar sites.
If you're a delivery driver for the likes of Deliveroo or Uber Eats, for example, or you sell your freelance services through a website and earn money from doing so, you'll also come under the new regulations.
Here in the UK, the tax authorities will use the data they receive due to these new rules and cross-reference it with other records it holds about you and your business to ensure that you're reporting your income accurately.
The legislation in the UK will apply to any digital platform that is resident for tax purposes in the UK.
Such platforms will be required to report specific data concerning the sellers using that platform, regardless of whether those sellers are UK taxpayers or not.
The new digital platform reporting rules:
What do you think of the recent update and how will this affect you?
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