Earlier this year, there was a lot of buzz about new tax rules supposedly making everyone who sells online report to HMRC and pay tax. Turns out, that's not really the case. The tax rules for online sellers are the same as they've always been. But starting January 1, 2024, digital platforms have to start collecting info on online sellers and their income, and they'll report this to HMRC by January 2025. So, if you've been skipping out on declaring your taxable income, HMRC might find out now.
Selling online – When do you need to tell HMRC?
Selling online – When do you need to tell…
Selling online – When do you need to tell HMRC?
Earlier this year, there was a lot of buzz about new tax rules supposedly making everyone who sells online report to HMRC and pay tax. Turns out, that's not really the case. The tax rules for online sellers are the same as they've always been. But starting January 1, 2024, digital platforms have to start collecting info on online sellers and their income, and they'll report this to HMRC by January 2025. So, if you've been skipping out on declaring your taxable income, HMRC might find out now.