Selling online and paying taxes: What HMRC digital platform regulations mean for you
Finance & Funding
In a nutshell…
- New regulations are in place from 1 January, 2024 requiring online platforms that individuals and businesses make money through, to report on their income.
- The information reported by platforms such as Etsy, Ebay, Uber and more will be shared with HMRC to cross-check with information you provide.
- You will receive copies of the information to help you with your Self Assessment.
- There is no impact if you are not trading, or you will not earn £1,000 or more per tax year from sources other than your employer.
- If you are already registered and report your income accurately through Self Assessment, there will be little impact – you might just be asked by platforms for more data for their reporting.
- If you earn £1,000 or more per tax year from sources other than your employer, you may need to register for Self Assessment.
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