01283 214758

New data sharing rules between HMRC and digital platforms

HMRC has been given more power in terms of monitoring taxes and payments to strengthen its efforts against tax evasion. This has led to the introduction of new regulations specifically targeting online sellers and digital platforms.

What does it mean for people using those platforms to sell things online?

HMRC has introduced new rules that affect anyone who sells items on sites such as eBayVintedEtsy or Depop or people who rent out their homes on Airbnb and other similar sites. The new regulations will also impact delivery drivers for companies like Deliveroo or Uber Eats, freelance service providers, and anyone who earns money from a digital platform.

What information will be given to HMRC?

The new rules require digital platforms to share information about sellers with HMRC. This includes information such as the seller’s nameaddress, and the amount of money they have earned from the platform. The new regulations will help HMRC to tackle tax evasion and the underpayment of tax in countries around the world.

Who does it relate to?

If you fall into the category of online sellers or service providers mentioned earlier, these new rules directly impact you. It’s crucial to understand the implications and how they might affect your online trading activities.

HMRC has been given more power in terms of monitoring taxes and payments to strengthen its efforts against tax evasion. This has led to the introduction of new regulations specifically targeting online sellers and digital platforms.

In conclusion

For online sellers and service providers, staying updated on tax rules is crucial. HMRC’s new regulations highlight the need for transparency in online transactions. Being aware of these changes and seeking guidance ensures compliance and confidence in online activities.