HMRC has issued a deadline for those who have made money from selling items on websites such as eBay, Etsy and Vinted. Failure to declare earnings could result in a fine of £100
New tax regulations take effect today that could result in £100 fines. Those who sell items on platforms like Vinted and eBay may be required to register for a tax return, particularly if they earn over £1,000 through a 'side hustle'.
They required platforms like Etsy and eBay to share seller information, including sales numbers and earnings, with HMRC. Sellers have until today to inform HMRC if they need to complete a tax return, regardless of whether they have done so before. "While you might think it only applies to work you've been paid for, it also includes other income. This might include money earned from savings and investments, rental income, and if you've made more than £1,000 from selling or reselling items on places like eBay, Depop and Vinted. So check online to find out if you need a tax return.
"This means getting everything ready for the 31st October deadline if you're submitting a paper return, or by midnight on the 31st January if you're submitting your return online. But if possible, you shouldn't leave things to the last minute.
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