Users of online selling platforms like eBay and Vinted could receive communications from HMRC by the end of January. New regulations require platforms to disclose seller earnings information to HMRC. This is to ensure individuals selling goods for profit pay the necessary taxes.
Users of online selling platforms such as eBay and Vinted may receive communication from HMRC by the end of this month. Since the beginning of the year, new regulations require these platforms to disclose certain information about their sellers, like their earnings, to HMRC .
The cut-off date for platforms to report seller information is January 31. HMRC explains: "The information is meant to help you to keep track of your earnings. It might also help if you need to tell HMRC about your income or send a tax return. These reports do not replace your normal business records or tax calculations."
HMRC will contact anyone who has made over 30 sales in a year or earned more than £1,700. However, surpassing these thresholds does not necessarily mean you owe tax on those earnings.
HMRC Taxes Online Selling Ebay Vinted
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