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On the straight and narrow
Key points
- Online trading is now mainstream and HMRC is on high alert due to the ease with which revenues from this type of trading can go undeclared.
- HMRC is well placed to tackle the online trading sector as part of its broader initiative to address tax evasion and create equality between online and traditional businesses.
- Digital platforms are required to collect and report seller information and income to HMRC.
- Those most affected will be at the lower end of the scale – these traders may not realise when they have gone over the reporting threshold.
- The onus is on individuals to understand their tax obligations and ensure timely and accurate reporting of income.
The commercial landscape has shifted dramatically since Covid-19 but even before the pandemic the way many people were making money was changing. With restrictions on physical retail spaces and an increased reliance on digital platforms...
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