People who make money from online “side hustle” activities like these will find the tax net tightening this year.
From 1 January firms including Vinted, Airbnb, and eBay are obliged to collect and share details of such transactions with the tax authorities.
While HMRC was already able to request information from UK-based online operators, from the start of this year there are new rules that the UK has signed up to via the international body, the Organisation for Economic Cooperation and Development (OECD), as part of a global effort to clamp down on tax dodgers.
It will apply to sales of goods such as things that have been handcrafted and second hand clothes, but also services including taxi hire, food delivery, freelance work and short-term accommodation lets or even renting out your driveway for parking.
Adam Jay, chief executive of the second hand marketplace platform Vinted, told the BBC he did not believe the new rules would affect many of the site’s sellers.
If you are reading this page and can’t see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at [email protected].
The original article contains 676 words, the summary contains 199 words. Saved 71%. I’m a bot and I’m open source!
This is the best summary I could come up with:
People who make money from online “side hustle” activities like these will find the tax net tightening this year.
From 1 January firms including Vinted, Airbnb, and eBay are obliged to collect and share details of such transactions with the tax authorities.
While HMRC was already able to request information from UK-based online operators, from the start of this year there are new rules that the UK has signed up to via the international body, the Organisation for Economic Cooperation and Development (OECD), as part of a global effort to clamp down on tax dodgers.
It will apply to sales of goods such as things that have been handcrafted and second hand clothes, but also services including taxi hire, food delivery, freelance work and short-term accommodation lets or even renting out your driveway for parking.
Adam Jay, chief executive of the second hand marketplace platform Vinted, told the BBC he did not believe the new rules would affect many of the site’s sellers.
If you are reading this page and can’t see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at [email protected].
The original article contains 676 words, the summary contains 199 words. Saved 71%. I’m a bot and I’m open source!